Innovex Ug partners with Gaia Impact fund in latest investment

The use of solar energy in Uganda is still very low and yet there are 300 solar companies in Uganda. The co-founders of Innovex Ug, a Uganda based start-up founded in 2016 saw this as an opportunity to provide a tech-based solution that would increase access of many Ugandans to these companies.

Baguma K and David Tusubira co-founded the tech company Innovex Ug which comprises of hardware and software development teams to help installers and distributors of solar energy systems expand their reach to Ugandans through digital tools.

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The co-founders of Innovex Ug Baguma K and David Tusubira at the head offices of Innovex Ug. Photo:

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Douglas Baguma, CEO of Innovex 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.”

Innovex Ug uses very own Iot solution ‘Remot’ to scale businesses.

Through its cloud-based IoT solution called ‘Remot’, it provides a number of services that allow solar companies and distributors to remotely observe and manage their energy systems. One of the services provided by Innovex is making solar systems smart this way, users are able to monitor the battery health and performance of their solar systems.

Innovex Ug has also invented ways that allow users to control their solar systems remotely where the system can simply be switched on and off using your computer or smart gadget.

The company offers financial services too seeing as these are essential for businesses to grow. It provides loans, grants and external investment opportunities to solar businesses.

Innovex Ug has received international recognition and support from organizations it has partnered with like CISCO, OVO, and Energy 4 Impact. The most recent support it’s yet to receive is from Gaia Impact Fund which will facilitate the company’s effort to scale Remot to 100 solar distributors.

Gaia Impact Fund President Helene Demaegdt said in a statement, “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.”

The Innovex Ug CEO Douglas Baguma commented, “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.”

Solar energy was originally used for donor-funded programs. Later, Ugandans picked it up as a cheap and reliable alternative source of energy for the generally used hydro-power electricity. Seeing as hydro-power comes with several limitations in Uganda the most common being load-shedding, many have opted for solar energy. It is also extensively used in rural areas where many remain with no access to electricity.

READ: Jumia Uganda CEO speaks out on effects of Uganda’s internet shutdown in 2021, describes them as devastating.

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