Greater Manchester X-Ray Startup Silveray

X-ray technology maker Silveray receives £2.2m in seed funding.

11:09 31 October 2022

Silveray, an x-ray technology start-up firm, has successfully raised £2.2million in seed funding led by UKI2S alongside ACF Investors, R42 Group, UK Future Tech Investment (UKFTI), InnovateUK, Cambridge Angels and SyndicateRoom’s Access fund.

 

The new funding will be used to grow the firm's product development team and to move to a dedicated location in Greater Manchester from its current base at the University of Surrey. The company aims to commercialise a material that it says will make x-ray appointments faster because of fewer scans required. The company adds that the material can reduce the amount of radiation that radiologists are exposed to.

 

Dan Cathie, the firm's CEO, said: “The funding will allow us to move quickly and hit our product development milestones effectively. We aim to have our first demonstrator products with lead customers in the industry by 2023,”

 

Sam Fennell, partner, ACF Investors said: “X-ray scanners are such a common technology that we don’t often think of them as an area for innovation.

 

“But the reality is that the addressable market is huge – far beyond the obvious medical applications, with X-ray equipment critical in a range of sectors from construction to manufacturing.”