Silveray raises £2.2m in seed funding to commercialise X-ray technology
The seed round was led by the UK Innovation & Science Seed Fund to support team expansion and product development.
Silveray is an X-ray technology spin-out from the University of Surrey that develops printable semiconductor nanotechnology.
Silveray has secured £2.2m in seed funding to commercialise its novel X-ray conversion material. The round was led by the UK Innovation & Science Seed Fund, with participation from ACF Investors, R42 Group, UK Future Tech Investment, InnovateUK, Cambridge Angels, and SyndicateRoom's Access fund.
The capital will be used to grow the team, relocate operations to Greater Manchester, and drive product development. Initial commercial efforts will focus on detecting flaws in steel tubes in partnership with Tata Steel UK.
The company was spun out from the University of Surrey in 2018 based on research from the Advanced Technology Institute. Its technology aims to reduce radiation exposure and improve image acquisition speeds across industrial and medical applications.
Investor perspective
"X-ray scanners are such a common technology that we don’t often think of them as an area for innovation. But the reality is that the addressable market is huge – far beyond the obvious medical applications, with X-ray equipment critical in a range of sectors from construction to manufacturing. Silveray’s technology could play a key role in bringing the world’s oldest imaging technology into the 21st century."
Sam Fennell
Partner, ACF Investors
Use of funds
- 01Grow the team
- 02Continue product development
- 03Expand into international markets
Investors
Mark White
UK Innovation & Science Seed Fund
Sam Fennell
ACF Investors
R42
UK Future Tech Investment
InnovateUK
Cambridge Angels
SyndicateRoom