Silveray, a startup pioneering Digital X-ray Film (DXF) technology, has raised £4 million in a seed extension funding round. The investment will accelerate the development of its first DXF product, which promises to digitize traditional radiographic processes and improve efficiency, flexibility, and cost-effectiveness. The product is set for launch in 2025, targeting both industrial and medical markets.
The seed extension round was led by Northern Gritstone, a prominent investor in science and technology ventures in the North of England. The round also saw participation from ACF Investors, Empirical Ventures, Deeptech Labs, and Hamamatsu Ventures, bringing Silveray’s total funding to date to £6.5 million.
“We’ve demonstrated rapid progress since our initial funding,” said Dan Cathie, CEO of Silveray. “This investment validates our approach and provides the resources we need to deliver our groundbreaking DXF technology to market.”
Northern Gritstone CEO Duncan Johnson highlighted Silveray’s potential to disrupt the X-ray imaging market. “The progress made by Silveray since our initial investment in 2023 has been phenomenal,” he said. “Their innovation is already disrupting the analogue X-ray market.”
Silveray’s DXF technology leverages a flexible material that directly converts X-rays into digital images, eliminating the need for traditional film. By removing the steps of exposing, developing, and storing radiographic film, the technology streamlines processes, reducing time and costs.
The flexibility of DXF detectors allows them to be wrapped around pipes or fit into tight spaces, making them ideal for industrial applications like detecting weld defects and corrosion. Looking ahead, the company plans to adapt its technology for medical uses, such as flexible mammography detectors, offering a more comfortable and accurate imaging experience without painful compression.
Founded in 2018 at the University of Surrey, Silveray relocated to Greater Manchester in 2022 to capitalize on the region’s talent and research infrastructure. The move has fostered collaborations with institutions like the University of Manchester, whose X-ray specialists have been instrumental in refining Silveray’s nanoparticle-based imaging materials.
CEO Dan Cathie, who has over 20 years of experience in technology and semiconductors, leads the company alongside a seasoned team, including Co-Founder and Chief Scientific Officer Professor Ravi Silva, Chief Technology Officer Dr. Stephen Whitelegg, and Product Development Director Norman Stapelberg.
Silveray plans to launch its first DXF product in 2025, initially targeting industrial users of radiographic film. Early engagement with potential customers has indicated strong demand, and the company expects to generate revenue upon the product’s release.
The potential to expand into healthcare and other industries offers significant growth opportunities. Hamamatsu Ventures CEO Katsuhiro Kobayashi praised the technology, saying, “Silveray’s novel nanoparticle-based direct X-ray conversion material could completely disrupt X-ray imaging markets.”
With its innovative technology, strategic location, and strong investor backing, Silveray is positioned to revolutionize X-ray imaging, setting new standards in efficiency, flexibility, and accuracy across industries. The company’s advancements promise to redefine radiography, delivering tangible benefits to both industrial and medical users.
