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X-ray tech firm Silveray secures 拢4m seed funding led by Northern Gritstone

Greater Manchester firm plans to launch latest digital X-ray tech next year

The team at deeptech company Silveray, which has secured a 拢4m seed investment led by Northern Gritstone(Image: Silveray)

X-ray technology company Silveray has secured a £4m investment led by Northern Gritstone ahead of its first product launch next year.

The Stockport business has developed a sensitive flexible material that converts x-rays into digital x-ray images at the point of use. It says the technology can save time and money compared with traditional radiographic film.

Now science and tech-focused investment vehicle Northern Gritstone, which is chaired by Lord Jim O’Neill, has unveiled a £4m seed extension investment into Silveray. The investment consortium welcomes deep tech investors Empirical Ventures, Deeptech Labs, and Hamamatsu Ventures alongside existing backers Northern Gritstone and ACF Investors.

The funding will allow Silveray to complete development of its first Digital X-ray Film (DXF) product ready to launch in 2025.

The company was founded at the University of Surrey in 2018 by Professor Ravi Silva and relocated to Greater Manchester in 2022 “to gain access to the North of England’s rich talent pool and resources”. The business has worked with X-ray specialists at the University of Manchester on its technology.

Dan Cathie CEO of Silveray said: “Silveray’s initial goal is to digitise radiographic film, so that radiographers are no longer restricted to exposing, developing, viewing, and storing film. Early customer engagement in industrial means we are confident of becoming revenue generating in 2025 and Northern Gritstone’s investment will help us achieve that.”

Duncan Johnson, CEO of Northern Gritstone, said: “The progress made by the Silveray team since our initial investment in 2023 has been phenomenal. Dan Cathie and his team have the enviable combination of innovation and entrepreneurialism having developed a novel digital x-ray solution with numerous applications which are already disrupting the analogue x-ray market. We are delighted to continue our support of Silveray as it builds its commercial traction, helping the team on its path to success.”

Katsuhiro Kobayashi, CEO of Hamamatsu Ventures Japan 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.”