TLT advises PXN Ventures on investment into medical and industrial tech company

UK national law firm TLT has advised venture capital firm PXN Ventures on a £5 million funding round into Stockport based start-up Silveray.

PXN Ventures is a major UK venture capital and investment firm, with over £670 million in assets under management. It was formed in 2025 by the merger of Par Equity and Praetura – a long-term client of TLT.  

Silveray is a Stockport-based start-up specialising in flexible, ultra-thin X-ray film that could make medical imaging sharper, less rigid and more comfortable for patients. The technology already has a number of industrial uses in the medical, automotive, aerospace and energy sectors.  

PXN led a £5m Series A funding round through the GMC Life Sciences Fund and NPIF II – PXN Equity Finance, managed by PXN as part of the Northern Powerhouse Investment Fund (NPIF II). It will now be used to grow Silveray’s 20-strong team by 50% over the next two years, in order to scale-up production and expand commercial relationships across industrial inspection, healthcare, and beyond.  

TLT advised PXN Ventures on the investment. The team was led by Corporate Partner Victoria Zivkovic, with support from Senior Associate Greg Mazgajczyk.

Commenting on the deal, Victoria Zivkovic, Corporate Partner at TLT said: “The Northwest is a hotbed of innovation and investment opportunities are rife. This particular investment will boost the northern economy, support a company that is making impressive technological strides across multiple sectors and continue the region’s manufacturing legacy.

“It was a pleasure to work with the team at PXN. Having worked with Praetura before the merger, we are looking forward to building the relationship with PXN.”

Sim Singh-Landa investment director at PXN added: “Having worked with TLT prior to the merger, we were aware of their proficiency and knew that we wanted to work with them again. Victoria and Greg handled everything expertly and with great speed and attention to detail, and we’d like to thank them for all their hard work.”

TLT previously advised PXN’s predecessor, Praetura on a series of investments, including into Liverpool-based sustainable advanced manufacturing start-up, Atomik AM; and Manchester-based cybersecurity start-up, CloudGuard.  

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