The pandemic has put a spotlight on issues related to climate change and green-minded investors are taking notice. San Francisco-based solar software platform Aurora Solar announced Monday that it raised $250 million in Series C financing by way of Coatue. The latest raise closely follows the company’s $50 million Series B, which it announced last November.
Renewable energy is the fastest-growing energy source in the United States, according to the Center for Climate and Energy Solutions. Aurora has the financial backing to prove it. The company has raised more than $320 million in venture capital to date.
Aurora’s software provides solar companies with a way to automate their workflows so that they can accurately design solar installations. With Aurora, solar professionals can determine how many solar panels will fit on a property, forecast how much energy a solar installation will produce and calculate how many batteries will be required for back-up power.
To add, the platform’s forecasting tool provides clients with an estimate of how much they can save by switching to solar power. Since 2014, the average cost of solar panels has dropped nearly 70 percent, according to the Solar Energy Industry Association.
“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,” Sam Adeyemo, co-founder and CRO of Aurora Solar, said in a statement.
Aurora is responsible for the design of more than five million solar projects around the world, according to the company. Aurora hit the five million mark just last month.
“Residential solar is set to grow significantly over the next decade,” Jaimin Rangwalla, senior managing director at Coatue, said in a statement.
The SEIA estimates that more than one in seven U.S. homes will have a rooftop solar power system by 2030.
“We see an incredible opportunity to expand the market for solar software,” Chris Hopper, co-founder and CEO of Aurora, said in a statement. “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.”
Aurora plans to use the additional capital to develop new products as it continues to scale. The company also plans to place a special focus on hiring for its sales, customer support and leadership teams. Positions will be made available across departments and dozens of roles at the fully remote company are currently up for grabs.
Additional investors ICONIQ Capital, Energize Ventures, and Fifth Wall participated in the round.
