Solar software provider Aurora Solar today announced it’s raised $50 million in a Series B funding round led by privately held investment firm ICONIQ Capital.
The round also saw participation from Aurora’s existing investors, including Energize Ventures, Fifth Wall and Pear VC. Aurora says the funding is the largest single investment ever made in the renewable energy market.
While Aurora hasn’t earmarked the $50 million for any specific projects yet, it plans to use the funds to enhance its offering by hiring more talent, developing new features and services to help solar installers sell more solar, improving workflow for solar sales consultants, and delivering a modern customer experience.
Aurora’s software platform allows solar installers to perform many essential operations, including accurately performing remote solar shading analysis, designing solar and storage systems, forecasting energy production, calculating bill savings, and generating sales proposals with financing options. Additionally, the platform replaces solar companies’ manual processes with online digital forms and workflows.
These remote operations were initially conveniences that made solar-energy planning and selling easier. Today, distance selling has become increasingly critical to the solar energy industry amid stay-at-home orders due to COVID-19 spikes nationwide.
"Aurora has become the preeminent software platform for solar installers, with product functionality and an end-user experience that is far ahead of the competition," said Doug Pepper, general partner at ICONIQ Capital.
Pepper continued, "We're looking forward to joining the board and supporting Chris, Sam, and the Aurora team on their exceptional growth trajectory to enable the solar industry to scale for a more sustainable future."
"This fundraise is not only a big milestone for Aurora, but for the solar industry," said Christopher Hopper, co-founder of Aurora Solar. "It will allow us to continue to build best-in-class tools for solar professionals in the U.S. and internationally, and help us achieve our mission of creating a future powered by clean solar energy."
BloombergNEF digital Industry analysts predict a 22% year-over-year growth for the U.S. residential solar market next year. The analysis found solar companies transitioning to online sales and solar design during the lockdowns will drive the anticipated growth.
"Solar has emerged as one of the key future energy sources, and Aurora is increasingly the go-to solution for solar installers who are looking to affordably deploy solar at scale," said Samuel Adeyemo, co-founder of Aurora Solar. "The pandemic has accelerated trends towards remote processes, and we are delighted to have the resources to build all the tools that will help the industry thrive in this new environment."
