Ugandan Startup Innovex Closes an Equity Investment With Gaia Impact Fund

innovex

Innovex, a Ugandan-based startup enabling pay-as-you-go and remote monitoring for solar companies, closed an undisclosed series seed round with an equity investment from Gaia Impact Fund.

Innovex is a technology company with hardware and software development teams offering a service 100% made in Africa. The company was founded in 2016 by Douglas Baguma K and David Tusubira, both graduates of Makerere University.

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The team has developed ‘Remot’, a cloud-based IoT solution enabling solar companies, EPC, and distributors to remotely monitor and manage their energy systems. Remot has transformed the way many of these solar companies do business such as better aftersales support and opening up pay-as-you-go for larger size solar systems.

This has reduced overall downtime and improved the accessibility of solar systems and equipment. Many of these solar assets are installed in facilities such as health centers, schools, and SMEs across the 5 countries in the East African region i.e. Uganda, Kenya, Tanzania, DRC, and Ethiopia.

The company received additional extensive support from the Royal Academy of Engineering in the UK, Energy Saving Trust under the Efficiency for Access Coalition, and later the Carbon Trust under the Transforming Energy Access program.

Gaia Impact Fund will support the company’s efforts to scale ‘Remot’ to 100 solar distributors across Africa thus enabling solar energy access to 3 million people by 2023.

Read Also: Top 5 Advantages and Disadvantages of Solar Energy

Douglas Baguma, Innovex’s CEO and co-founder said in the press release that the biggest challenges that are faced with most solar companies revolve around selling a product at a higher price for people that need it the most.

Our efforts at Innovex are aimed towards fixing how solar energy is delivered both as a product and as a service to these low-income populations and we strongly believe that modern technologies have a transformational role to play. It is exciting that Gaia Impact Fund has bought into our mission and most importantly decided to make a bold move by investing in this future.

For a long time, it seems that all of the innovation happens elsewhere and all we do is to adapt it locally. Well, with most energy and fintech solutions, it seems like the continent is driving innovations along this industry. Innovex seed round with Gaia Impact Fund is one additional win we ought to celebrate as a continent and wish them nothing but growth in their journey.

Photo by Gaia Impact Fund

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