Silveray secures funding to develop its innovative Digital X-ray Film (DXF) technology, aiming to revolutionise industrial radiography and expand into medical applications by 2025.
Silveray, a company pioneering Digital X-ray Film (DXF) technology, has raised £4M in a seed extension funding round led by Northern Gritstone, an investment firm focused on science and technology ventures in the North of England. The funding will support Silveray’s efforts to finalise development of its first DXF product, which is set to launch in 2025. This innovative solution aims to transform industrial radiography by digitising traditional processes, offering enhanced efficiency, flexibility, and cost-effectiveness.
The seed extension round, which also saw participation from ACF Investors, Empirical Ventures, Deeptech Labs, and Hamamatsu Ventures, marks a significant milestone for Silveray as it moves closer to commercialising its technology.
Digital X-ray Film: A breakthrough in X-ray imaging
Silveray’s DXF technology centres on a novel flexible material that directly converts X-rays into digital images at the point of use, eliminating the need for traditional radiographic film. This innovation significantly enhances efficiency and cost savings by reducing the time and expense associated with exposing, developing, viewing, and storing radiographic film. Additionally, Silveray’s flexible DXF detectors offer unmatched versatility as they can be wrapped around pipes or inserted into tight spaces, making them ideal for inspecting corrosion and weld defects in industrial applications. Looking ahead, Silveray plans to adapt this technology for medical applications, such as flexible mammography detectors that conform to the breast, potentially offering a more comfortable and accurate imaging experience without the need for painful compression.
Progress and milestones to Digital X-ray Film
Since its initial funding round in 2023, Silveray has made rapid progress in developing its technology. Collaborating with X-ray specialists at the University of Manchester, the company has refined its innovative direct conversion detectors. The partnership has been instrumental in advancing the nanoparticle-based material at the core of Silveray’s DXF technology, which enables high-resolution imaging in a flexible format.
CEO Dan Cathie, who has over 20 years of experience in the technology and semiconductor industries, leads Silveray’s team. Cathie previously served as CEO of vivaMOS Ltd, a developer of image sensors for X-ray applications, which he guided from a spinout to its acquisition by Nordson Corporation in 2020. Silveray’s leadership team also includes Co-Founder and Chief Scientific Officer Professor Ravi Silva, Chief Technology Officer Dr Stephen Whitelegg, and Product Development Director Norman Stapelberg.
Strategic relocation to Greater Manchester
Originally founded at the University of Surrey in 2018, Silveray relocated to Greater Manchester in 2022 to take advantage of the region’s rich talent pool and resources. This move has positioned the company in close proximity to leading research institutions, X-ray specialists, and advanced manufacturing hubs, accelerating its development efforts and fostering valuable collaborations.
Investor confidence and vision
Northern Gritstone’s continued investment underscores its confidence in Silveray’s potential to disrupt the X-ray imaging market. Duncan Johnson, CEO of Northern Gritstone, commended Silveray’s progress since the initial investment, highlighting the company’s combination of innovation and entrepreneurial spirit. “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,” Johnson said.
ACF Investors, a returning backer, echoed this sentiment. Managing Partner Tim Mills remarked, “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 very pleased to be backing them again as the business builds through this next phase of growth.”
Hamamatsu Ventures, a new investor, also expressed enthusiasm for Silveray’s technology. CEO Katsuhiro Kobayashi stated, “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.”
Future outlook
Silveray’s first DXF product is expected to launch in 2025, initially targeting industrial users of radiographic film. Early customer engagement has indicated strong demand, and the company anticipates becoming revenue-generating upon the product’s release. The potential to expand into healthcare and other industries represents significant additional growth opportunities.
With its innovative approach to digitising radiography, a strong leadership team, and the backing of prominent investors, Silveray is well-positioned to drive a paradigm shift in X-ray imaging. By improving efficiency, flexibility, and accuracy, the company aims to set new standards across industries, delivering tangible benefits to users and establishing itself as a key player in the global X-ray technology market.
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