Health Portfolio.

Sowing seeds bears fruits.

Our grassroots investments focused on fertility and gynecology clinics, which laid the ground for our burgeoning expansion in the health industry.


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Current Assets

Minority Shareholder
Finland (2021 – Present)

Biomendex develops and manufactures adaptable synthetic bone substitute materials for bone regeneration. Their invention, Adaptos™️, is the first bioactive bone graft substitute that surgeons can cut, shape, or squeeze into place. It is the only bone graft substitute that mimics bone by being resilient and bioactive.



Current Assets

Finland (2014 – Present)

TherMidas Oy develops new medical infrared thermal imaging methods for the treatment and monitoring of diabetes. The product detects diabetic foot disorders beforehand so that the feet can be treated sufficiently early, and amputations can be prevented.


Current Assets

Minority shareholder/investor
UK (2017 – Present)

Oxehealth is a global leader in vision-based patient monitoring and management systems, helping clinicians deliver safer, higher quality and more efficient care. Its product, Oxevision, consists of an entirely contact-free digital care assistant used for better patient safety.

Oxevision collects data using an optical sensor and infrared illumination, rather like a human eye. The data is then analyzed by Oxehealth’s algorithms enabling tracking of movement, breathing, pulse and more. This either triggers alerts to early warning signs, or generates reports on risk factors, medical grade cardio-respiratory vital signs, and includes other information in the activity report. In other words, it’s as though patients had a personal nurse watching over them 24/7.



Current Assets

Minor shareholder/investor
USA (2018 – Present)

Founded in 2004, Humacyte is a bioengineering company that is focused on growing artificial blood vessels for humans. Patients are grafted with acellular blood vessels, which later become colonized by the patients’ own cells.

Located in a state-of-the-art facility in Durham, NC, USA, the Humacyte technology platform isolates and grows stable, immediately available investigational HAVs (human acellular vessels) replacements which, if approved, could be tailored to pre-designed clinical and commercial specifications for vascular and non-vascular surgery applications.


Ava Clinic Lisbon

Current Assets

Main Shareholder
Portugal (2000 – Present)

Following the same business model that had yielded results in several other countries, AVA Clinic Lisbon was founded in 2000 by Ralph and Candido Thomas, a Portuguese gynecologist who had worked at AVA Clinic Tampere.
AVA Clinic Lisbon was and still is the oldest infertility treatment clinic in Lisbon.


Tampere Gynecology Center

Past Assets

Finland (1987 – 2004)

Tampereen Gynekologikeskus was Ralph’s first venture into the wild world of business – a private clinic specializing in Gynecology and advanced infertility treatments founded by Ralph Ashorn in 1987, together with colleagues Pentti Heinonen, Maija Palander, Klaus Teisala, Ari Ylä-Outinen, Eero Varila. Ralph acted as a doctor and CEO of the clinic. The clinic was located in Tampere, Finland, and was sold to Terveystalo.


Ava Group

Past Assets

Main shareholder
Finland, Latvia, Azerbaijan (1993 – 2011)

Ava Clinic Tampere (Ava Klinikka) was the seed of what later came to be AVA Group and AVA Peter Group. It was originally founded in 1993, starting with only four employees, Dr. Eero Varila, Dr. Ralph Ashorn, biologist Pirkko Kulomaa and nurse Päivi Virta. Ava Clinic was a forerunner, especially in the treatments of male infertility, being one of the first clinics in the world applying ICSI technique. The second baby born with ICSI treatment in the Nordic countries originated in Ava.

After establishing this successful fertility clinic in Tampere, Finland, Ralph founded other Ava Clinic branches in Turku, also in Finland; Riga, Latvia; Baku, Azerbaijan; and Lisbon, Portugal – all with local partners.  

The clinics in Finland and Latvia were acquired by Terveystalo, and Azerbaijan’s branch was sold to a local partner.


Ava Peter Group

Past Assets

Main shareholder
Russian Federation (1996 – 2017)

Branching out from the Ava Clinic Tampere in Finland, the Ava Peter clinics brought the infertility treatment technology and expertise across the border, right after the fall of the Soviet Union, to an eager and enormous market. All in partnership with Mr. Gleb Mikhailik.

The first Russian clinic was founded in the heart of St Petersburg in 1996. Offering top quality services in infertility, gynecology and urology, this clinic became well-known and the largest infertility clinic in Russia. Later on, another clinic was opened in Tatarstan.

The Ava Peter group was sold in 2017 to a Russian company, along with the Scandinavia Clinic Hospitals and medical centers. At the time of the exit, the group was the 4th biggest private healthcare provider in Russia, employing 2,350 people, and had IFC (world bank group) as a minor shareholder.



Past Assets

Finland (2001 – 2011)

This fertility clinic located in Helsinki, the capital of Finland, was founded in 2001 with Niklas Simberg, Ilkka Reima, and Sentella Ltd, and it was sold to Terveystalo with the sale of AVA Group.


Origio Russia

Past Assets

Joint venture
Russian Federation (2010 – 2015)

Origio Russia was an importing company founded by Ava Peter and Origio Denmark. The company was built on the needs of embryo culture media, needles, and catheters used in infertility treatments. At first, these imports were just for AVA Peter’s own clinical use, but the business shortly developed when starting to sell products to other clinics as well. The company was sold to Cooper Surgical (USA) in 2015.


Ovumia Clinic

Past Assets

Equal shareholder
Finland (2014 – 2016)

Scanfert bought 50% of the Ovumia fertility clinic in Tampere, Finland from minority shareholders. After working in developing the clinic, Scanfert sold its shares to the main shareholder Pekka Sillanaukee.

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