Written by: Leonard Parker | Solar News | 25th May
Aurora Solar, a top software platform for solar sales and design, closed a $250 million Series C funding round led by Coatue, with follow-on participation from existing investors ICONIQ Capital, Energize Ventures, and Fifth Wall. For those scoring at home, in just over two years, Aurora Solar has raised more than $320M.
“Our mission is to create a future of solar energy for all. The only way to reach that goal is to make it easy for solar professionals to design and sell solar remotely, and to make it affordable for consumers to understand and access the benefits of solar,” said Sam Adeyemo, co-founder and CRO of Aurora Solar. “This funding will help us accelerate our vision, as more solar companies choose to grow their business using digital and remote solutions rather than manual ones.”
For the uninitiated: Aurora enables solar companies to streamline the solar project lifecycle by making it easy to integrate disparate data sources, design accurate solar installations, and automate complex workflows. Using Aurora, solar professionals can accurately determine how many solar panels will fit on a property, forecast how much energy the solar system will produce, calculate how many batteries are needed for backup power, and show how much money their client will save by switching to solar.
Aurora says it will use the investment to expand its product roadmap, continue to attract more talent across all teams, expand sales and customer support, and build its leadership team to help scale the company.
Since 2010, the install costs for photovoltaic solar have already dropped by 70%, and reducing soft costs (i.e., non-hardware costs associated with going solar) through digital solutions like Aurora offers the biggest opportunity to continue cutting down the price of both residential and commercial projects.
“Residential solar is set to grow significantly over the next decade,” said Jaimin Rangwalla, Senior Managing Director at Coatue. “Aurora has the potential to unlock an inflection in this growth through lowering soft costs, such as installation and permitting. We believe Chris and Sam have proven themselves to be exceptional operators and have built the leading software business in this category. We are excited to partner with them on the next phase of this journey.”
“We see an incredible opportunity to expand the market for solar software and make it accessible to anyone on the team, from sales and marketing to design and operations and more,” added Chris Hopper, co-founder and CEO of Aurora Solar. “Working firsthand with solar professionals in communities around the globe has given us a front row seat to the explosion in the solar market and the economic opportunities it is creating for more jobs, lower costs, and a greener future for us all.”