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.
Get more news and insight in the May 25 issue of BizTimes Milwaukee. Subscribe to get updates in your inbox here.
