The family-owned company from Chełm, southeast Poland, provides a range of solutions for quality control of medical imaging equipment including X-ray, MRI, mammography, USG and tomography devices. Pro-Project produces imaging phantoms and offers a proprietary SaaS solution, Diagnomatic.
Pro-Project’s solutions improve the quality and precision of imaging, which translates into fewer misdiagnoses and allows earlier identification of many conditions, ultimately improving patient care. The investment, whose value isn’t being disclosed, will support the current owners, Henryk and Rafał Kartaszyński, in implementing their vision for digital transformation of the industry, growth in European markets and consolidation of the sector.
“As a growth fund, we support Polish entrepreneurs on their path to international expansion,” said Avia Partner Jakub Leonkiewicz. “Pro-Project is exactly the kind of company we’re looking for: offering a proven innovation in a growing industry, already present on global markets and with ambitions to grow even further.”
WKB acted as legal advisor to AVIA Capital, and PwC served as financial and legal advisor to Pro-Project.
“I’m proud that the company I founded and built from scratch is developing so dynamically, and with the support of our new investor this growth will accelerate even further over the next few years,” said Pro-Project founder Henryk Kartaszyński. “I’m confident that the development of our company isn’t just an opportunity for the shareholders, but also for our region and our local community.”
“Our solutions are already used by many global producers of diagnostic imaging equipment, in hospitals, clinics and doctor’s offices in more than 100 markets,” said Pro-Project Group CEO Rafał Kartaszyński, PhD. “The capital and know-how we’ll get from AVIA will help us perfect our products and strengthen our position on the global market.”
The global diagnostic imaging market is growing, driven by increasing demand for early disease diagnosis and ageing populations. The expansion of the market is also supported by growth in outlays on healthcare and flows of investment into the sector.
AVIA, a growth fund operating on the Polish market, has raised €60 million from international investors and top financial institutions, including the European Bank for Reconstruction and Development, the European Investment Fund, the Polish Growth Fund of Funds (an initiative of the EIF and Bank Gospodarstwa Krajowego) and the Polish Development Fund.
AVIA works with founders to accelerate value growth through capital investments as well as adding key competencies, supporting owners of small and medium enterprises in international expansion and growing the scope of operations. AVIA targets equity tickets of €3 million-10 million, with a horizon of 3-7 years.
AVIA’s team is made up of experienced managers who have worked for firms including JPMorgan Chase & Co., Advent International, AIG Capital Partners, DBG Eastern Europe, Highlander Partners and Alvarez & Marsal, who also have managerial experience in manufacturing.