Silveray, a flexible digital X-ray technology startup spun out of the University of Surrey, has raised £5 million in a Series A round led by PXN Ventures, with co-investment from existing investors Northern Gritstone, Empirical Ventures, ACF Investors and Future Planet Capital via the UK Innovation and Science Seed Fund (UKI2S). PXN invested via the GMC Life Sciences Fund By PXN Ventures. The funding will support the scale-up of production and expand the technology's use in healthcare.
Founded in 2018 by Professor Ravi Silva, Director of the Advanced Technology Institute (ATI) at the University of Surrey, Silveray has built an ultra-thin, flexible Digital X-ray Film (DXF®) that incorporates high-Z elements - heavy atoms known for their ability to absorb X-rays - into semiconductor polymer materials. The result is a flexible X-ray detector that is sensitive, adaptable to curved surfaces, lighter and cheaper than conventional rigid X-ray detectors, and designed to produce sharp, high-quality images whilst being more comfortable for patients.
The Series A proceeds will enable Silveray to expand its team, scale up manufacturing and strengthen commercial partnerships across healthcare and industry. Key healthcare applications include more accessible diagnostic imaging, improved patient experience for cancer patients - including during breast cancer screening — and enhanced monitoring during radiotherapy treatment.
Prior to this round, the technology had already achieved commercial traction in industrial inspection, where it is used to assess critical infrastructure and components across the energy, aerospace and advanced manufacturing sectors. Silveray was named Spinout of the Year at the IOP Business Awards in 2024.
The company emerged from the Advanced Technology Institute, which has a history of translating advances in materials science, photonics and electronics into commercial applications. Silveray's longer-term vision is to introduce colour imaging to X-ray at lower doses in a flexible format, expanding the market for imaging by making advanced diagnostics more portable, affordable and widely available.
This latest investment will help to push forward the next phase of growth and bring the benefits of this technology to even more sectors, with the potential to improve healthcare outcomes and make advanced imaging more accessible.
Professor Ravi Silva's spin-out, Silveray, is an excellent example of that in practice. This latest funding round will help accelerate the Advanced Technology Institute's flexible X-ray technologies into the healthcare sector, with the potential to improve outcomes for patients while reinforcing the UK's position at the forefront of high-value innovation. It is another powerful example of purpose-led, translational research from the University of Surrey delivering real-world impact.
