Manchester Spinout Silveray Secures £4 Million for Innovative X-Ray Technology

A Manchester-based university spinout has successfully acquired £4 million in seed funding to advance its groundbreaking x-ray technology that digitizes imaging and offers flexible detectors.

Silveray has engineered a pliable material that can wrap around pipes, enabling it to access tight and hard-to-reach spaces during industrial inspections to identify corrosion or damage, thereby streamlining the process and reducing costs.

This innovative solution serves as an alternative to traditional rigid and flat scanners, employing tiny particles that convert x-rays into electrical signals. These particles are transformed into an ink that can be applied onto a flexible surface, reminiscent of a foldable smartphone display.

The company’s vision is to replace radiographic film in various industries, including aeronautics, where physical film continues to be used. This is particularly advantageous in scenarios where cameras cannot be inserted into pipes—like those containing sewage—to check for deterioration.

Typically, film is wrapped around the pipes, and a static camera captures images, a process that is not only costly but also time-consuming, necessitating additional equipment for image processing that involves chemicals and darkroom techniques.

The oversubscribed funding round was backed by investors including Northern Gritstone, led by Lord O’Neill of Gatley, ACF Investors, Empirical Ventures, Deeptech Labs, and Hamamatsu Ventures.

Dan Cathie, CEO of Silveray and an experienced entrepreneur in the scanner technology sector, highlighted the importance of inspecting the numerous pipes found in industrial facilities, particularly in sensitive areas like nuclear plants: “They all need inspecting, especially if it’s a nuclear facility or somewhere safety critical, which if it blows up, it’s going to kill people.”

He noted the challenges associated with traditional radiographic film processing, where users must wait for a day to receive results, and if the images are unsatisfactory, they face the tedious task of reshooting.

Cathie envisions the flexible material’s potential in the healthcare sector, suggesting it could enhance the comfort of mammograms. He highlighted a common complaint regarding the need to compress the breast for optimal imaging results, which can be addressed by using a curved detector.

Additionally, there are prospects for applications in diagnosing brain glandular cancer.

While the future remains uncertain, Cathie expressed optimism about their technological path, stating, “Like any tech start-up, especially deep tech, you don’t really know where you’re going to end up … we understand the current tech but are still exploring future applications.”

Founded in 2018 by Professor Ravi Silva at the University of Surrey’s Advanced Technology Institute, Silveray moved to Greater Manchester in 2022 under Cathie’s leadership; Silva now serves as chief scientific officer. The company currently employs 13 staff with plans to expand to 20 by the next summer.

Last year, Silveray raised approximately £2 million, according to Cathie, which enabled him to recruit the team, secure a facility in Manchester, and initiate the development of their product prototype.

Duncan Johnson, CEO of Northern Gritstone, remarked, “The Silveray team’s progress since our first investment has been remarkable. Dan Cathie and his team blend innovation with entrepreneurial spirit, having created a unique digital x-ray solution that challenges the conventional analogue x-ray market.”

Northern Gritstone has made 28 investments thus far and raised £215 million in 2022 in collaboration with the universities of Leeds, Manchester, and Sheffield to support companies in northwest England and their intellectual property initiatives.

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