Silveray raises £5M to modernise X-ray tech for healthcare
What's the deal? Silveray, a Stockport-based startup spun out of the University of Surrey, has raised £5M to scale production of its ultra-thin, flexible X-ray film and expand from industrial uses into healthcare.
The company's Digital X-ray Film (DXF) uses a patented semiconductor ink to produce images that are sharper, more portable, and more affordable than conventional X-ray systems. PXN VenturesDealroom has a profile for this one. Try Dealroom → led the round.
The funding will grow Silveray's 20-person team by 50% over the next two years and broaden its commercial relationships across industrial inspection and healthcare.
Why now? Silveray has already proven its technology in industrial settings — testing pipe integrity in oil and gas, and detecting faults in aerospace and automotive machinery. It now sees a clear path into medical imaging, where rigid, bulky equipment remains a barrier to patient comfort and access.
In breast cancer screening, pain from mammography compression is frequently cited as a reason women skip appointments. In dental imaging, intra-oral discomfort and gag reflexes often force referrals to specialist centres. Silveray's thin, flexible film could address both problems. The company is also exploring applications in radiotherapy.
Chief executive Dan CathieDealroom has a profile for this one. Try Dealroom →, who joined in 2022 after three decades in X-ray and semiconductor technology, said: "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."
What could go wrong? Medical devices face lengthy and expensive regulatory approval processes. Transitioning from industrial to clinical use is a significant leap — Silveray will need to demonstrate safety and efficacy to healthcare regulators before it can sell into hospitals and clinics.
The startup also faces the challenge of competing against entrenched imaging incumbents with deep distribution networks and existing relationships with healthcare providers.
The signal: Silveray sits at the intersection of two trends: deep tech hardware making its way from industrial niches into mainstream healthcare, and growing demand for more patient-friendly diagnostic tools. If flexible, affordable X-ray film can reduce barriers to screening — particularly for cancers where early detection saves lives — the market opportunity extends well beyond the company's industrial roots.
Read more: Insider Media
