Seed18 November 2024

Silveray secures £4m seed extension led by Northern Gritstone to fund product launch

Northern Gritstone led the seed extension round, which included participation from ACF Investors, Empirical Ventures, Deeptech Labs, and Hamamatsu Ventures.

£4.0MSeed

Silveray is an X-ray technology spin-out from the University of Surrey that develops printable semiconductor nanotechnology.

Silveray has secured £4m in a seed extension round led by Northern Gritstone to prepare for its inaugural product launch next year. The funding comes from a consortium that includes existing backers alongside new deep tech participants. The capital will enable the business to finalise development of its flexible digital X-ray detectors for industrial applications.

Originally founded at the University of Surrey before relocating to Greater Manchester, the company aims to replace traditional radiographic film with point-of-use digital imaging. The technology allows detectors to wrap around complex structures such as pipes to identify structural defects efficiently. Management expects the firm to achieve commercial revenue generation following the 2025 product rollout.

From the founder

"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."

Dan Cathie

CEO at Silveray

Investor perspective

"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."