A Manchester-based X-ray technology company, Siveray, secures a significant £4m funding boost.
- Northern Gritstone leads this investment, marking a pivotal step for Siveray toward its first product launch in 2025.
- The funding aims to accelerate Siveray’s development of direct conversion X-ray detectors.
- Siveray was founded at the University of Surrey and later moved to Greater Manchester for strategic growth.
- The investment reflects growing confidence in Siveray’s innovative approach within the North of England’s tech sector.
Northern Gritstone is spearheading a £4 million seed investment into Siveray, a Manchester-based company at the forefront of digital X-ray technology. This funding round is crucial as Siveray approaches the anticipated launch of its initial product in 2025. Northern Gritstone is joined by esteemed investors such as Empirical Ventures, Deeptech Labs, Hamamatsu Ventures, and ACF Investors, showcasing a strong backing from the deep tech community.
Since receiving initial funding from Northern Gritstone in 2023, Siveray has significantly advanced its product development, focusing on its revolutionary direct conversion X-ray detectors. These detectors utilize a sensitive flexible material to convert X-rays into digital images instantaneously at the point of use. This innovation is poised to replace traditional radiographic film, thereby enhancing efficiency in industrial settings.
Dan Cathie, CEO of Siveray, emphasizes the company’s mission to digitize radiographic film, eliminating the traditional processes of exposing, developing, and storing film. “Early customer engagement indicates our confidence in generating revenue by 2025,” Cathie notes, attributing part of this progress to the robust support from Northern Gritstone.
Founded at the University of Surrey in 2018 by Professor Ravi Silva, Siveray relocated to Greater Manchester in 2022. This move was strategic to leverage the abundant resources and talent available in the North of England. Collaborations with X-ray specialists at the University of Manchester and partnerships with the universities of Leeds and Sheffield further bolster Siveray’s research and development efforts.
Northern Gritstone, holding £312 million to invest primarily in science and tech companies, has acknowledged Siveray’s promising progress since its 2023 investment. Duncan Johnson, CEO of Northern Gritstone, commends the “phenomenal” strides made by Siveray, highlighting the team’s innovative capabilities and potential to disrupt the analogue X-ray market.
This substantial investment marks a significant milestone for Siveray, signaling confidence in its potential to revolutionize X-ray technology.
