Innovex com­pletes a share­hold­ing with Gaia Impact Fund, a VC fund spe­cial­is­ing in renew­able energy

Innovex, a Ugan­da-based start­up that enables pay-as-you-go and remote mon­i­tor­ing for solar com­pa­nies, has com­plet­ed a seed round with a share­hold­ing in the Gaia Impact Fund.

Innovex is a tech­nol­o­gy com­pa­ny with hard­ware and soft­ware devel­op­ment teams that offers a ser­vice that is 100% man­u­fac­tured in Africa. The com­pa­ny was found­ed in 2016 by Dou­glas Bagu­ma K and David Tusubi­ra, both grad­u­ates of Mak­erere Uni­ver­si­ty. The two co-founders came to the con­clu­sion that solar ener­gy has the poten­tial to close the gap in ener­gy access for the 30 mil­lion Ugan­dans who are still with­out elec­tric­i­ty, but were frus­trat­ed that the tech­nol­o­gy did not reach Ugan­dans quick­ly enough. Dou­glas & David addressed this prob­lem by help­ing installers and dis­trib­u­tors of off-grid solar pow­er sys­tems to grow with the help of dig­i­tal tools. In Ugan­da alone, there are 300 active solar com­pa­nies and thou­sands more in sub-Saha­ran Africa.

The team has devel­oped Remot, a cloud-based IoT solu­tion that enables solar com­pa­nies, EPC, and dis­trib­u­tors to remote­ly mon­i­tor and man­age their pow­er sys­tems. Remot” has changed the way many of these solar com­pa­nies oper­ate, for example.B through bet­ter cus­tomer ser­vice and the open­ing of the pay-as-you-go process to larg­er solar sys­tems. This has reduced down­time over­all and improved the acces­si­bil­i­ty of solar sys­tems and sys­tems. Many of these solar sys­tems are installed in facil­i­ties such as health cen­tres, schools and SMEs in the 5 coun­tries of the East African region, i.e. Ugan­da, Kenya, Tan­za­nia, DRC and Ethiopia.

Innovex stands out as a true African role mod­el and has received sup­port and recog­ni­tion on the inter­na­tion­al stage from part­ners such as OVO, CISCO, Ener­gy 4 Impact. The com­pa­ny received addi­tion­al exten­sive sup­port from the Roy­al Acad­e­my of Engi­neer­ing in the UK, the Effi­cien­cy for Access Research and Devel­op­ment Fund and lat­er the Car­bon Trust as part of the Trans­form­ing Ener­gy Access Programme.

The Gaia Impact Fund will sup­port the com­pa­ny’s efforts to bring “Remot” to 100 solar dis­trib­u­tors across Africa, pro­vid­ing access to solar pow­er for 3 mil­lion peo­ple by 2023.

Dou­glas Bagu­ma, CEO and co-founder of Innovex, says: “The biggest chal­lenges fac­ing most solar com­pa­nies are to sell a prod­uct at a price that is too high for the peo­ple who need it most. Our efforts at Innovex are aimed at improv­ing the way solar ener­gy is deliv­ered to these low-income pop­u­la­tions, both as a prod­uct and as a ser­vice, and we firm­ly believe that mod­ern tech­nolo­gies can play a trans­for­ma­tive role. It is great that Gaia Impact Fund has par­tic­i­pat­ed in our mis­sion and, above all, decid­ed to invest in this future.”

“The prob­lem we are solv­ing is huge. It requires a great deal of com­mit­ment to change the dis­tri­b­u­tion of solar ener­gy. We are pleased to have strong part­ners with the Gaia Impact Fund who rec­og­nize the urgency of the chal­lenge. We are also look­ing for­ward to the scale of the impact that is ahead of us,” added David Tusubi­ra, CTO and co-founder of Innovex.

Gaia Impact Fund Pres­i­dent Héléne Demaegdt said: “We are thrilled to be start­ing this jour­ney with this fan­tas­tic team and work­ing with one of the most promis­ing ener­gy access tech­nol­o­gy com­pa­nies. Innovex def­i­nite­ly fills a gap in the val­ue chain by offer­ing tai­lor-made solu­tions for solar com­pa­nies and retail­ers and has an enor­mous pos­i­tive impact on remote com­mu­ni­ties. We look for­ward to work­ing close­ly with Dou­glas and David to sup­port them in their growth.”

 

About Innovex

Innovex was found­ed in 2016 and is a Ugan­dan com­pa­ny that aims to dri­ve the socio-eco­nom­ic trans­for­ma­tion of Africa through the devel­op­ment of new tech­nolo­gies. Their exper­tise includes embed­ded sys­tems, con­nect­ed devices, web and soft­ware devel­op­ment, and wire­less com­mu­ni­ca­tion tech­nolo­gies. Innovex entered the mar­ket with a self-devel­oped IoT solu­tion. This solu­tion, “Remot”, pro­vides cus­tomer ser­vice sup­port; it mon­i­tors and con­trols solar PV sys­tems and sys­tems remote­ly and sup­ports pre­ven­tive main­te­nance and repair activ­i­ties. To date, “Remot” has been used by solar com­pa­nies and solar ener­gy researchers in more than 5 coun­tries in Africa.

Innovex Con­tact: info@innovex.org

About Gaia Impact Fund

Gaia Impact Fund is a French Impact Fund that spe­cial­izes in ener­gy access entre­pre­neurs. Gaia Impact Fund invests in star­tups and SMEs oper­at­ing in sub-Saha­ran Africa and South­east Asia and active in var­i­ous seg­ments: solar kits, pro­duc­tive use of elec­tric­i­ty, mini-grids, com­mer­cial & indus­tri­al solar sys­tems, clean­tech. Gaia Impact Fund was found­ed by a team of entre­pre­neurs spe­cial­iz­ing in renew­able ener­gy and social impact invest­ing. Since 2017, Gaia Impact Fund has sup­port­ed 11 inno­v­a­tive com­pa­nies in emerg­ing mar­kets and is active­ly pur­su­ing its invest­ment strat­e­gy with strong social and envi­ron­men­tal impact.

Gaia Impact Fund Con­tact: www.gaia-impactfund.com