A significant £4 million seed financing effort is underway, led by Northern Gritstone, benefiting Manchester-based Siveray.
- The funding is set to help Silveray introduce its innovative digital X-ray technology by 2025 as it accelerates product development.
- Joining the investment are firms like Empirical Ventures and Deeptech Labs, alongside ACF Investors and Hamamatsu Ventures.
- Silveray, originally from the University of Surrey, moved to Manchester for better resources and collaboration.
- According to CEO Dan Cathie, the aim is to digitise radiographic film, promising revenue generation by 2025.
Northern Gritstone spearheads a £4 million seed investment round targeting Siveray, a Manchester-based company specialising in digital X-ray technology. This funding round is critical as the company gears up for its first product launch planned for 2025.
Silveray’s journey to this point has been supported by a consortium of deep-tech investors, including Empirical Ventures, Deeptech Labs, and Hamamatsu Ventures. Further support comes from ACF Investors, known formerly as the Angel CoFund, offering a venture capital approach focused on commercial success.
Since receiving initial backing from Northern Gritstone in 2023, Silveray has progressed significantly in developing its sensitive, flexible material that converts traditional X-ray films into digital formats at the point of use. This transformation aims to replace conventional radiographic film usage with digital efficiency.
CEO Dan Cathie explains Silveray’s mission to transition radiographic film practices to digital, reducing the need for physical exposure, development, and storage of films. With early engagement from industrial clients, the company is optimistic about generating revenue in 2025, bolstered by Northern Gritstone’s investment.
Founded in 2018 by Professor Ravi Silva at the University of Surrey, Silveray relocated to Greater Manchester in 2022. The move was strategic, allowing access to the North’s rich talent pool and the extensive resources of Manchester. Collaborations with X-ray specialists at the University of Manchester have been instrumental in advancing their direct conversion detector technology.
Northern Gritstone, headed by Duncan Johnson, has facilitated 28 investments with funds primarily sourced from pension allocations aimed at science and technology sectors in Northern England. Johnson expressed confidence in Silveray’s potential, highlighting their innovation and entrepreneurial spirit driving the disruptive digital X-ray solutions.
Silveray’s strategic developments, supported by substantial investments, promise significant advancements in digital X-ray technology, ensuring readiness for market launch by 2025.
