US-based Aurora Solar, a software platform for solar sales and design, raised US$ 250 million in Series C funding round on 24 May 2021.
Investors: The funding round was led by Coatue, with participation from existing investors ICONIQ Capital, Energize Ventures and Fifth Wall.
Purpose of the funding: The funds raised will be utilized by Aurora to expand its product roadmap, hire more talent across all teams, expand sales and customer support and build its leadership team to help scale the company.
About Aurora Solar
Founded in 2013 by Christopher Hopper and Samuel Adeyemo, Aurora Solar develops solar industry software. Its cloud-based software enables solar PV engineering design, provides workflow management functionality and facilitates sales and customer acquisition for solar installers and financiers. The company is headquartered in San Francisco, California.
Aurora aims to become the software platform on which the coming solar power expansion will be run. It leverages the data about the topography, physical and infrastructural, satellite imagery, aerial lidar scans, light and power lines and usage data. It assembles it into a cohesive, effective and simple system to be used widely by solar installers.
Aurora claims that it has been used for evaluating about 5 million solar projects out of which a fifth end up being built. The company expects that Solar, which makes up about 2% of the U.S.’s power infrastructure, is on track to increase by a huge magnitude in the next 20 years.
What the founders have to say: “Aurora’s core value proposition is the fact that you can do things remotely much faster and more accurately than if you travelled to the site. With heightened awareness about climate change, there will be more interest in ways to mitigate it. The first five years of the company were quasi-bootstrapped. We’d raised like a million bucks. So, we know what it’s like to grow a company from that perspective, and now we know what it’s like to really need the capital to scale the business. If you want to be the platform for a significant percentage of the energy capacity of the country, you gotta tool up.” — co-founder and COO Sam Adeyemo.
“Historically we’ve been more of a design solution. The next phase is to broaden that into a platform that covers more of the process of going solar.” — Adeyemo’s co-founder, CEO Chris Hopper.
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