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Silveray rakes in £2.2M to commercialise material that makes X-ray safe and efficient

Image credits: Silveray

Silveray, an X-ray technology spin-out from the University of Surrey, has raised £2.2M in a seed funding round led by the UK Innovation & Science Seed Fund (UKI2S).

Other participating investors include ACF Investors, R42 Group, UK Future Tech Investment (UKFTI), InnovateUK, Cambridge Angels, and SyndicateRoom’s Access fund.

The funding will enable the company to expand its team, transfer its technology to new premises in Greater Manchester, and initiate product development.

Silveray’s initial product development focus will be detecting undesirable inclusions within steel tubes using high-resolution X-rays in collaboration with Tata Steel UK Ltd.

The collaboration will be partially funded by InnovateUK, a public body that supports business-led innovation.

Dan Cathie, CEO of Silveray, says, “This funding is a major first step towards initiating the development of our first product. I want to thank our investors & partners for their engagement, support, and participation in the round. The funding will allow us to move quickly and effectively hit our product development milestones. We aim to have our first demonstrator products with lead customers in the industry by 2023”.

Ultra-efficient X-ray detector technology

Founded by Prof. Ravi Silva CBE in 2018 as a spin-out from the Advanced Technology Institute at Surrey University, Silveray has developed a new type of cost-effective, highly-efficient ‘X-ray conversion material.’

As per the company’s claims, fewer X-rays are needed for high-quality images with this material, reducing exposure for radiologists/ allowing more scans to be carried out more quickly.

Silveray’s core IP and area of expertise are centred around printable semiconductor nanotechnology for X-ray applications.

Sam Fennell, Partner at ACF Investors, says, “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. Silveray’s technology could play a key role in bringing the world’s oldest imaging technology into the 21st century.”

Mark White, Investment Director at UKI2S, says, “We are delighted to support Silveray on its journey to provide a new, highly sensitive X-ray material that will transform the way X-rays are done. We look forward to seeing how the company progresses in the coming months.”

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