Healthtech firm Silveray raises £5m led by PXN Ventures with Northern Gritstone
This article covers Silveray, a Surrey-based healthtech startup that has raised £5m in a growth funding round to scale production of its ultra-thin, flexible Digital X-ray Film and accelerate clinical adoption of the technology. The funding is intended to expand manufacturing, grow the team and strengthen commercial partnerships to support deployment in diagnostic imaging, breast screening and radiotherapy monitoring.
Surrey spin-out Silveray, a healthtech startup, has raised £5 million in a growth funding round to scale production of its ultra-thin, flexible Digital X-ray Film and accelerate clinical adoption of the technology. The capital will be used to expand manufacturing, grow the team and strengthen commercial partnerships as the company moves from industrial inspection into healthcare applications such as diagnostic imaging, breast screening and radiotherapy monitoring.
Why it matters
Flexible X-ray detectors promise practical improvements over conventional rigid panels: lighter kit, more comfortable positioning for patients, and the possibility of conforming to curved surfaces. Those features could make imaging more portable and accessible in clinical settings where current detectors are bulky or expensive. For a UK ecosystem that prizes university spinouts turning lab research into deployable medical technology, Silveray’s funding marks a notable step toward commercial-scale production and broader clinical evaluation.
Inside the product
Silveray commercialises a Digital X-ray Film (DXF®) developed at the University of Surrey’s Advanced Technology Institute. The film uses semiconductor polymer materials doped with high-Z elements to improve X-ray absorption in a flexible substrate. The company says the approach aims to preserve image quality while enabling lower dose imaging, adding potential for colour imaging and compatibility with curved or irregular surfaces.
Until now the technology has seen adoption in industrial inspection across energy, aerospace and advanced manufacturing, where the ability to wrap detectors around components can aid fault detection. The current funding targets adapting production and regulatory workflows needed to move into healthcare settings, where image quality, repeatability and device standards are more tightly regulated.
Who are the investors?
The round was led by PXN Ventures with co-investment from existing backer Northern Gritstone and participation from the GMC Life Sciences Fund and Northern Powerhouse Investment Fund II. The announcement says the funds will support scaling manufacturing capacity, recruitment and commercial partnerships focused on healthcare and industry applications.
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Founder perspective
In the announcement, Professor Ravi Silva, founder and Distinguished Professor, Director - Advanced Technology Institute (ATI) and Head of NanoElectronics Centre at the University of Surrey, said:
This latest investment will help to push forward the next phase of growth and bring the benefits of this technology to even more sectors, with the potential to improve healthcare outcomes and make advanced imaging more accessible.
Silveray was founded in 2018 from research at the ATI. The company and institute have iterated materials and device designs over more than a decade to reach a point where production scale-up and clinical translation are plausible next steps. The company was named Spinout of the Year at the IOP Business Awards in 2024, reflecting prior recognition of the underlying research and commercial potential.
The bigger picture
University spinouts are a central route for translating UK research into commercial medical devices, and the deal reflects continued investor interest in technologies that can reduce cost and increase access to diagnostics. The funding sits alongside public and regional programmes looking to strengthen UK manufacturing capability for medtech; Silveray’s path highlights the practical challenges of moving from laboratory prototype to regulated, manufacturable devices.
In the announcement, Professor Stephen Jarvis, President and Vice-Chancellor at the University of Surrey, said:
Professor Ravi Silva’s spin-out, Silveray, is an excellent example of that in practice. This latest funding round will help accelerate the Advanced Technology Institute’s flexible X-ray technologies into the healthcare sector, with the potential to improve outcomes for patients while reinforcing the UK’s position at the forefront of high-value innovation. It is another powerful example of purpose-led, translational research from the University of Surrey delivering real-world impact.
This funding round will be watched by healthtech investors and hospital technology teams assessing whether flexible detector formats can meet clinical, regulatory and procurement requirements. If Silveray can demonstrate consistent image quality and manufacturing at scale, the technology could broaden where and how X-ray imaging is delivered across the UK and Europe.
They've invested in Silveray
Get to know these healthtech investors
| Investors | Investment Focus | Startup Investments | Round Size | Connect |
|---|---|---|---|---|
 PXN Ventures( ) PXN Ventures is a UK-based venture capital firm focused on backing high-growth c... Manchester  | ||||
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 GMC Life Sciences Fund( ) | ||||
 Northern Powerhouse Investment Fund II( ) The Northern Powerhouse Investment Fund (NPIF) focuses on providing finance to s... Sheffield | ||||
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