Silveray Secures Funding to Innovate Digital X-ray Technology
Silveray, a pioneering company at the forefront of the Digital X-ray Film (DXF®) sector, is on a mission to revolutionize industrial radiography through advanced digitization. The company has garnered significant attention and support for its innovative technology, recently announcing a successful raise of funding that will facilitate the launch of its first product in 2025. In a strategic move to bolster its financial foundation, Silveray received a combined £4 million seed extension investment from Northern Gritstone and other notable investors. Northern Gritstone, chaired by the esteemed Lord Jim O'Neill, focuses on nurturing science and technology businesses in the North of England, making this partnership particularly synergistic. The investor consortium further includes established players such as ACF Investors, along with new deep tech contributors like Empirical Ventures, Deeptech Labs, and Hamamatsu Ventures.
Since its inception in 2018 at the University of Surrey, Silveray has made remarkable strides in the realm of digital X-ray imaging.
The company utilizes a unique sensitive flexible material that has the capability to convert traditional X-ray exposures into digital images right at the point of use. This innovative approach not only enhances workflow efficiency for radiographers but also provides substantial cost savings compared to conventional methods that rely on analog film. Notably, Silveray's flexible DXF detectors can adapt to challenging environments by wrapping around pipes and accessing tight spaces, allowing for crucial assessments of corrosion and weld integrity—features that traditional rigid panels simply cannot offer. There are also plans for future applications of this technology in healthcare, with a particular focus on developing a flexible mammography detector that would provide enhanced comfort for patients without the need for uncomfortable compressions.
Leadership at Silveray is anchored by experienced professionals, including CEO Dan Cathie and Co-founder Professor Ravi Silva, who are both driven by a vision to transform the X-ray imaging landscape. Cathie emphasizes the importance of their initial goal to digitize radiographic film, which will free radiographers from the limitations of traditional workflows. The momentum gained through early customer engagement positions Silveray on a promising trajectory to become revenue-generating by 2025. The partnership with Northern Gritstone has already been recognized as instrumental in this growth, with both Cathie and Duncan Johnson, CEO of Northern Gritstone, expressing optimism for Silveray's future. As the venture continues, it aims to establish strategic collaborations that will accelerate its growth trajectory and solidify its presence in the evolving X-ray imaging market.
They've invested in Silveray
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| Investor | Sector | Stage | Activity | Team | Connect |
|---|---|---|---|---|---|
 Northern Gritstone | 15 investments investments | 1 contact contact | |||
 ACFInvestors | 11 investments investments | 3 contacts contacts | |||
 Empirical Ventures | 10 investments investments | 5 contacts contacts | |||
 Deeptech Labs | 3 investments investments | 5 contacts contacts | |||
 Hamamatsu Ventures | 1 investment investment | more info |
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