Prime Highlights
- Silveray raised £5 million to expand its next-generation X-ray technology into healthcare applications.
- The company aims to make medical imaging more accessible, portable and patient-friendly through its ultra-thin X-ray film technology.
Key Facts
- The funding will support a 50% workforce expansion over the next two years.
- Silveray is exploring healthcare uses including breast cancer screening, radiotherapy and dental imaging.
Background
Stockport-based Silveray has raised £5 million to scale up production of its flexible X-ray technology and push into the healthcare market, with plans to grow its team by 50% over the next two years.
The company makes ultra-thin, flexible X-ray film that can produce sharper images while being less rigid and more comfortable for patients than current options.
Silveray’s technology already has a foothold in industry, where it is used to test pipe integrity in oil and gas operations and detect faults in hard-to-reach components across aerospace and automotive applications. The new funding now opens the door to healthcare, where Silveray sees significant potential.
The company is exploring how its film could make X-ray scanning more portable, accessible and affordable for early detection of chronic disease. Breast cancer screening is also on the radar, with Silveray noting that pain from compression during mammography is a commonly cited reason women skip appointments. Radiotherapy and dental scanning round out the list of target areas.
PXN Ventures led the funding round, investing through the GMC Life Sciences Fund By PXN Ventures. Co-investment came from existing backers including Northern Gritstone, Empirical Ventures, ACF Investors and Future Planet Capital via the UK Innovation and Science Seed Fund.
Additional investment came from NPIF II – PXN Equity Finance, managed by PXN as part of the Northern Powerhouse Investment Fund.
Dan Cathie, Chief Executive of Silveray, said the funding will allow the company to move beyond its first industrial customers and bring its material to a broader range of applications in healthcare and other sectors.
The cash injection will fund hiring across the business as Silveray builds out the commercial relationships needed to deliver on its expansion plans.
