Aurora Solar, a U.S.-based provider of cloud-based solar projects design and proposal software solutions, raised $200 million in a Series D funding round co-led by existing investors Coatue and Energize Ventures with participation from Fifth Wall, ICONIQ, and new investors, Lux Capital, and Emerson Collective.
The company intends to use the fresh funds to accelerate its business product development, increase collaboration with solar customers, and an easily accessible software platform for every step of the solar adoption process.
“As a trusted partner to the fastest-growing solar companies, we have a unique vantage point from which to deliver customer-centric innovation,” said Christopher Hopper, Co-founder, and CEO of Aurora Solar.
According to the Solar Energy Industry Association (SEIA), solar has experienced an average annual growth rate of 42% in installed solar capacity over the past decade. It is expected to continue setting a series of record years until 2024. This strong industry-level momentum, along with the dramatic shift to a digital-first business environment, further accelerated by the pandemic, has highlighted the need for the solar companies to double down on digital transformation.
“Software is increasingly becoming a mission-critical part of every solar organization’s technology and operating strategy,” said Samuel Adeyemo, Co-founder, and CRO of Aurora Solar.
According to Mercom’s recently published Q4 2021 solar funding and M&A report, global venture capital and private equity funding in the solar sector in 2021 came to $4.5 billion, a 281% increase compared to the $1.2 billion in 2020. This is the highest amount of VC funding for the solar sector since 2010.
According to Mercom Research, in May 2021, Aurora Solar raised a $250M in Series C funding round led by Coatue, with follow-on participation from existing investors ICONIQ Capital, Energize Ventures, and Fifth Wall. According to the company, the investment will be used to expand its product roadmap, attract more talent across all teams, expand sales and customer support, and build its leadership team to help scale the company.