Silveray, a startup focusing on digital X-ray Film (DXF®) for industrial radiography, has raised nearly €5 million in a seed extension round. The round was led by Northern Gritstone, with participation from ACF Investors and new backers Empirical Ventures, Deeptech Labs, and Hamamatsu Ventures. The seed round will support the launch of Silveray’s first DXF® product in 2025 to industrial users of radiographic film.
Dan Cathie, CEO of Silveray said: “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.”
Founded in 2018 at the University of Surrey, Silveray has developed a flexible material that converts X-rays into digital images at the point of use. Silveray’s flexible DXF detectors can also be wrapped around pipes and fed into tight spaces to check for corrosion and weld defects unlike digital flat panel detectors.
Duncan Johnson, CEO of Northern Gritstone, said: “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.”
Silveray’s initial focus is on industrial applications, but the company plans to enter the healthcare sector in the future, exploring uses like flexible mammography detectors. The recent funding will enable Silveray to complete development and prepare for revenue generation in 2025.
Tim Mills, Managing Partner, ACF Investors added: “Silveray is at the forefront of a new generation of x-ray imaging with the potential to radically improve the safety, accuracy and cost effectiveness of the modality. Dan and the team have done an exceptional job developing the company’s flexible high-resolution detectors from concept to product and we are very pleased to be backing them again as the business builds through this next phase of growth.”
Read the orginal article: https://www.eu-startups.com/2024/11/manchester-based-silveray-raises-nearly-e5-million-in-seed-round-to-further-their-x-ray-technology/
