PRESS RELEASE: Innovex closes an equity investment with Gaia Impact Fund, a VC fund dedicated to renewable energy entrepreneurs

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    Press Release

KAMPALA, UGANDA – Innovex, a Uganda-based startup enabling pay-as-you-go and remote monitoring for solar companies, closed a Series Seed Round with an equity investment from Gaia Impact Fund

Innovex was founded in 2016 by Douglas Baguma K and David Tusubira. The 2 cofounders both graduated from Makerere University and were inspired to address the electricity access gap for the 30 million Ugandans that remain without electricity today. Solar energy has the potential to bridge this gap, but it is not proliferating at a fast enough rate. Although there are 300 active solar companies in Uganda alone, and thousands more in sub-Saharan Africa, their operations are hindered by last mile operational costs, and poor maintenance of solar system components, and this reduces the utility of solar energy. 

 The Innovex team has developed ‘Remot’, a cloud-based Internet-of-Things (IoT) solution which transforms the distribution of off-grid solar energy systems and equipment using digital tools by enabling solar companies, EPC and distributors to remotely monitor and manage their energy systems. ‘Remot’ also facilitates better aftersales support and Pay-Go actuation for larger size solar systems. This has reduced downtime of solar systems and improved accessibility of solar systems and solar equipment. Many of these solar systems are installed in institutions such as health centers, schools, solar-powered businesses and rural farms across Uganda, Kenya, Tanzania, DRC and Ethiopia. The hardware and software supporting ‘Remot’ is 100% made in Africa. 

Innovex stands out as a true African grown inspiration for and its contribution to facilitating access to green energy in Africa, Innovex, has previously received support and recognition on the international stage from partners such as OVO, CISCO, Energy4Impact, the Energy Saving Trust under the Efficiency for Access Coalition, the Carbon Trust under the Transforming Energy Access program, and the Royal Academy of Engineering. 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.

Innovex has not only created numerous benefits for its customers but has also created an opportunity for local talent to develop solutions for the energy industry. To date, Innovex has directly created 18 jobs in Uganda and more than 200 indirectly. 

Douglas Baguma, Innovex’s CEO and Co-Founder says: “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 has bought into our mission and most importantly decided to make a bold move by investing in this future” 

“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. We are also excited for the magnitude of impact that lies ahead.” adds David Tusubira, Innovex’s CTO and Co-Founder. 

Hélène Demaegdt, Gaia Impact Fund’s President, comments: “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”.

About Innovex

Founded in 2016, Innovex is a Ugandan company which aims to spur Africa’s social-economic transformation through the development of novel technologies. Their competences include embedded systems, connected devices, web and software development, and wireless communication technologies. Innovex entered the market with a home-grown IoT solution, ‘Remot’, which offers after-sales service support; remote monitoring and control of solar PV systems and equipment, and supports preventative maintenance and repair activities. To-date, ‘Remot’ has been used in over 5 countries in Africa by solar companies and solar energy researchers.

Innovex contact: info@innovex.org

About Gaia Impact Fund 

Gaia Impact Fund is a French impact fund dedicated to energy access entrepreneurs. Gaia invests in startups and SMEs operating in Sub-Saharan Africa and South-East Asia, and active on various segments: solar kits, productive uses of electricity, mini-grids, commercial & industrial solar installations, cleantech. Gaia Impact Fund was created by a team of entrepreneurs specialized in renewable energy and social impact investing. Since 2017, Gaia has supported 11 innovative companies in emerging countries and is actively pursuing its investment strategy with strong social and environmental impact.

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

 

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