We introduce a wavelet-type transform generated by the so-called beta-semigroup, which is a natural generalization of the Gauss-Weierstrass and Poisson semigroups associated to the Laplace-Bessel convolution. By making use of this wavelet-type transform we obtain new explicit inversion formulas for the generalized Riesz potentials and a new characterization of the generalized Riesz potential spaces. We show that the usage of the concept beta-semigroup gives rise to minimize the number of conditions on wavelet measure, no matter how big the order of the generalized Riesz potentials is.