Silveray funding news – Manchester-based Silveray has Secured €4.2 Million in Seed Extension Round Funding

The funding will help Silveray finish developing its DXF product, with plans to launch it industrially in 2025. Other investors in the round include ACF Investors, Empirical Ventures, Deeptech Labs, and Hamamatsu Ventures.

It’s DXF detectors digitize X-ray images on-site saving both time and money compared to traditional film. Unlike rigid flat panel detectors Silveray’s flexible technology can wrap around pipes or fit into tight spaces, making it useful for detecting corrosion and weld defects. This innovation aims to transform the X-ray market and improve the workflow of radiography.

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The company also plans to expand its technology to healthcare, with ideas like flexible mammography detectors for more comfortable and precise imaging without the need for compression.

Backed by strategic investors

Silveray, founded at the University of Surrey in 2018, moved to Greater Manchester in 2022 to tap into local talent and resources. The company has worked closely with X-ray experts at the University of Manchester to develop its nanoparticle-based direct conversion detectors.

Duncan Johnson, CEO of Northern Gritstone, commented: “The progress made by the Silveray team since our initial investment in 2023 has been phenomenal. Dan Cathie and his team have developed a novel digital X-ray solution with numerous applications, disrupting the analogue X-ray market. We are delighted to continue our support of Silveray as it builds its commercial traction and progresses toward success.”

Tim Mills, Managing Partner at ACF Investors, added: “Silveray is at the forefront of a new generation of X-ray imaging with the potential to radically improve the safety, accuracy, and cost-effectiveness of the modality. Dan and the team have done an exceptional job developing the company’s flexible high-resolution detectors from concept to product, and we are pleased to back them again as they enter this next growth phase.”

Katsuhiro Kobayashi, CEO of Hamamatsu Ventures, said: “Silveray’s novel nanoparticle-based direct X-ray conversion material could completely disrupt X-ray imaging markets. We look forward to our strategic collaboration with Silveray and sharing our industry expertise to accelerate their growth.”

Commercialisation and growth plans

It plans to digitise X-ray film, removing the need for developing and storing traditional film. With the new funding, the company is preparing for its product launch in 2025 and aims to generate revenue that same year. Early partnerships with industrial customers will help it gain strong market acceptance.

CEO Dan Cathie noted: “Silveray’s initial goal is to digitise radiographic film, enabling radiographers to move beyond outdated workflows. Northern Gritstone’s investment will help us achieve revenue generation in 2025 and continue to innovate in the X-ray imaging space.”

About Silveray

Silveray was founded in 2018 by Prof Ravi Silva CBE as a spin-off from the Advanced Technology Institute (ATI) at Surrey University, a leading research centre in fields like quantum information, nanotechnology, energy, and advanced materials. The company raised pre-seed funding in 2019 to continue developing its core technology.