Madison-based startup NovoMoto LLC raised $318,000 in a round of funding that consisted of three investors, the company disclosed in an SEC filing.
NovoMoto is a for-profit social enterprise that implements clean electricity systems in villages in sub-Saharan Africa. The company manufacturers solar-powered electrical kits, which can provide lighting, phone charging or power a TV.
The startup offers its customers a pay-as-you-go plan for $10 a month and then after three years, the customer owners the system. To date, NovoMoto has done more than 300 installations with a goal of 1 million installations by 2026.
NovoMoto recently earned $10,000 in the third episode of “Project Pitch It” season 4 on WISN-TV Channel 12. The startup was also the winner for the 2018 Governor’s Business Plan Contest, taking home a cash prize of $190,000.
NovoMoto was founded by Aaron Olson and Mehrdad Arjmand. Olson has a Ph.D from the UW-Madison’s Fusion Technology Institute as a NASA Space Technology Research Fellow. Arjmand has a Ph.D from UW-Madison’s Materials Research Science and Engineering Center in the field of semiconductor thin films.
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