Gaia Impact Fund Completes Undisclosed Equity Investment in Innovex
Innovex raises funds from Gaia Impact Fund to expand its cooperation with solar energy providers in Africa.
Innovex, Ugandan-based startup that provides digital solutions for the payment and remote monitoring of solar photovoltaic installations, concluded an equity investment in its capital with Gaia Impact Fund, a French investment fund dedicated to renewable energy.
The investment was undisclosed, however, Gaia believes that the funds injected into the company will be used to expand its digital services in the burgeoning solar energy market in Uganda and across Africa.
The company that was founded in 2016 by Douglas Baguma and David Tusubira; graduates of Makerere University —developed “Remot”, a cloud-based solution enabling solar energy providers to remotely monitor and manage their installations. The software according to Gaia Impact Fund believe to have transformed the way solar companies do business, including improved after-sales service and the ability to pay-per-use for larger 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 Africa; Uganda, Kenya, Tanzania, DRC, and Ethiopia. In Uganda alone —according to Gaia, there are 300 companies active in the solar energy market.
Innovex is looking at extending the “Remot” technology to 100 solar energy distributors across Africa, providing access to solar energy to 3 million people by 2023.
