Uganda: Gaia Impact Fund Takes Equity Stake in Innovex

  • Innovex, is 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, a 100% made in Africa company, develops next generation embedded technologies which includes digital solutions for the payment and remote monitoring of solar photovoltaic installations.
  • The new partnership will enable Innovex to further expand operations and market share to neighbouring countries.

According to Gaia Impact Fund, 300 companies are active in the solar energy market in Uganda alone. Across the African continent, thousands are installing grid-connected solar power plants, mini grids and solar home systems.

Innovex has developed “Remot”, a cloud-based solution enabling solar energy providers to remotely monitor and manage their installations.

‘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 the 5 countries in the East African region i.e. Uganda, Kenya, Tanzania, DRC and Ethiopia.

Innovex stands out as a true African grown inspiration 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 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.

Author: Bryan Groenendaal

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