A Stockport-based start-up specialising in flexible, ultra-thin X-ray film that could make medical imaging sharper, less rigid and more comfortable for patients has raised £5m to accelerate production of its next-generation technology and expand into healthcare.
Silveray’s technology currently has a number of industrial uses, such as testing the integrity of pipes in the oil and gas sector as well as detecting faults in hard-to-reach parts found in aerospace and automotive machinery.
Beyond industrial, the company is now exploring new uses in healthcare for its Digital X-ray Film (DXF®), which utilises the company’s patented NPX® X-ray sensitive semiconductor ink. This includes making X-ray scans more accessible, portable, and affordable to check for early signs of chronic disease.
Another area of interest for the company is in breast cancer screening, where pain from the compression caused by mammography machines is often cited as a reason for non-attendance for screenings, and in dental scans, where intra-oral discomfort and the natural gag reflex regularly forces dentists to refer patients to specialist imaging centres.
Silveray is also looking closely at radiotherapy, which uses the radiation from X-rays to destroy cancer cells. Silveray states its solution has the potential to remove cost barriers as well as allowing for a more accurate measurement of radiation dose, therefore reducing side effects and making treatment more targeted.
The funding will be used to grow Silveray’s 20-strong team by 50% over the next two years, in order to scale-up production and expand commercial relationships across industrial inspection, healthcare, and beyond.
Silveray is led by CEO Dan Cathie, who brings more than three decades’ experience in X-ray and semiconductor technology. Dan started his career as a design engineer at Philips, before going on to commercialise and exit a UK research spinout to the US industrial technology group Nordson in 2020. Through his network in the field of industrial X-ray systems, he was introduced to Silveray, then a University of Surrey spinout, and joined the business as CEO in 2022.
Dan Cathie, CEO of Silveray, said: “I am delighted to welcome PXN Ventures to our growing and enviable list of deep tech investors. This round of funding will enable us to scale our reach beyond our first customers in industrial radiography, and to bring our innovative material to a wider group of applications in healthcare and beyond. We will officially be introducing Digital X-ray Film to a wider range of customers this year, helping to make digital radiography accessible to all. Thin. Flexible. Affordable.”
PXN Ventures led the £5m round with co-investment coming from Silveray’s existing investors, including Northern Gritstone, Empirical Ventures, ACF Investors and Future Planet Capital via the UK Innovation and Science Seed Fund (UKI2S). PXN invested via the GMC Life Sciences Fund By PXN Ventures, which it manages on behalf of the Bruntwood SciTech, Enterprise Cheshire + Warrington and Greater Manchester Combined Authority. Investment has also come from NPIF II – PXN Equity Finance, which is managed by PXN as part of the Northern Powerhouse Investment Fund (NPIF II).
Sim Singh-Landa, Investment Director at PXN Ventures, said: “Silveray is another example of a North West-based company doing exceptionally exciting work in the life sciences space after discovering wide-spread uses for its technology, which has the power to improve outcomes for patients while supporting clinicians, particularly in an area that has lacked innovation at times. We’re incredibly excited by what Silveray has built, and we know that this latest investment, which includes funding from both the GMC Life Sciences Fund and NPIF II, will provide the company with the backing it needs to supercharge its growth.”
Hannah Churchman, Head of Innovation & Growth at Bruntwood SciTech, said: “Silveray is a perfect example of the brilliant science and tech being developed in the North West right now. Supporting businesses like Silveray, which are actively driving the future of healthcare, is exactly why the GMC Life Sciences Fund exists. Their groundbreaking work has the potential to fundamentally shift how we approach diagnostics and treatment, translating revolutionary material science into tangible, life-saving medical advancements that will benefit patients everywhere.”
Sue Barnard, Senior Investment Manager at the British Business Bank, said: “It’s great to see the Northern Powerhouse Investment Fund II supporting an ambitious business like Silveray at such an exciting stage of its development. Silveray is a strong example of advanced manufacturing and life sciences innovation in action, helping to drive productivity-led growth across the North while supporting the UK’s Modern Industrial Strategy.”
Duncan Johnson, Founding Chief Executive of Northern Gritstone said: “Silveray is a great example of an innovative company that is rooted in the North and global in ambition. Northern Gritstone and NG Innovation Services are delighted to continue working with the team, led by Dan Cathie, as they scale for growth based on world-class technology.”
The £660m Northern Powerhouse Investment Fund II (NPIF II) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
