Silveray

Stockport-based deeptech startup Silveray has successfully closed a £5 million Series A funding round led by PXN Ventures to expand its flexible digital X-ray film into the global healthcare market.

Summary of transaction details:

• Value: £5 million (Series A).
• Sector: Healthcare & Biotech / DeepTech & AI / Advanced Materials
• Advisor / Legal Team: TLT LLP acted as the legal advisor to lead investor PXN Ventures.
• Key Entities: Target: Silveray (X-RAY Gratings Ltd); Lead Investor: PXN Ventures (investing via the GMC Life Sciences Fund and NPIF II – PXN Equity Finance); Co-investors: Northern Gritstone, Empirical Ventures, ACF Investors, Future Planet Capital (via the UK Innovation and Science Seed Fund - UKI2S); Key Executive: Dan Cathie (CEO).
• Location: Stockport, Greater Manchester, UK.

Note: Spun out from the Advanced Technology Institute (ATI) at the University of Surrey by Professor Ravi Silva in 2018, Silveray has engineered a ground-breaking Digital X-ray Film (DXF®). By chemically incorporating heavy, high-Z elements directly into flexible semiconductor polymer matrices, Silveray's proprietary material captures complete, high-sensitivity radiographies on a flexible, bendable film that conforms easily to curved structures. While the company initially achieved strong commercial success across industrial non-destructive testing (NDT)—such as assessing deep-water pipeline integrity for oil & gas infrastructure and mapping micro-fractures inside aerospace machinery—this Series A layer is heavily earmarked for clinical healthcare translation. Silveray's flexible architecture will be utilized to dismantle barriers to patient care by replacing rigid, expensive, and heavy static detectors with lightweight, highly portable imaging arrays for early chronic disease tracking. A key near-term focus is transforming breast cancer screenings, where the extreme physical compression required by legacy mammography plates causes pain that actively drives screening non-attendance. The £5m injection will expand their Stockport facility, grow their 20-strong technical workforce by 50% over the next 24 months, and build out deep commercial integration pipelines across global healthcare and radiotherapy treatment markets.