Innovex, a Uganda-based startup enabling pay-as-you-go and remote monitoring for solar companies, has closed a Series Seed Round with an equity investment from Gaia Impact Fund.
According to Hélène Demaegdt, Gaia Impact Fund’s President, “We’re thrilled to start this journey with this fantastic team and work with one of the most promising technology companies in the energy access sector. Innovex definitely fills a gap in the value chain by bringing tailored solutions for solar companies and distributors and having a tremendous positive impact on off-grid communities. We look forward to working closely with Douglas and David and supporting them in their growth”.
Gaia Impact Fund will support Innovex’s efforts to scale its IoT platform ‘Remot’ to 100 solar distributors across Africa thus enabling solar energy access to 3 million people by 2023.
Founded in 2016 by Douglas Baguma K and David Tusubira, Innovex aims to use technology to help solar energy bridge the energy access gap for the 30 million Ugandans remaining without electricity.
Using its ‘Remot’ platform, a cloud-based IoT solution enabling solar companies, EPC and distributors to remotely monitor and manage their energy systems, Innovex helps installers and distributors of off-grid solar energy systems to scale up using digital tools.
‘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 accessibility of solar systems and equipment. Many of these solar assets are installed in facilities such as health centers, schools and SMEs across Uganda, Kenya, Tanzania, DRC and Ethiopia.
In a statement, Douglas Baguma, Innovex’s CEO and co-founder said: “The biggest challenges that are faced with most solar companies revolve around selling a product at a price that is high for the people that need it 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”.
Uganda alone has over 300 active solar companies in Uganda, and thousands more in sub-Saharan Africa which Innovex is targeting to reach. Innovex 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, Energy Saving Trust under the Efficiency for Access Coalition and later the Carbon Trust under the Transforming Energy Access program.
“The problem that we are solving is massive. It requires a great deal of commitment to transform the distribution of solar energy. We are delighted to have strong partners who recognize the urgency of the challenge in Gaia Impact Fund. We are also excited for the magnitude of impact that lies ahead.” adds David Tusubira, Innovex’s CTO and co-founder.
