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.”
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: email@example.com
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