At a Glance
Aurora Solar, a startup developing software for the solar industry, has turned into a unicorn after netting $250M in a Series C round led by Coatue. This is a five-fold increase compared to their Series B round in 2020, where they bagged $50 million. Using their software, Aurora aims to facilitate solar installations remotely
Aurora Solar, which develops software for the solar industry, turns unicorn after netting $250 million in a Series C funding led by Coatue. This is a five-fold increase compared to its Series B funding, worth $50 million in 2020, led by ICONIQ Capital. With the closure of Series C, Aurora’s valuation stands at a $2 billion valuation.
Other investors, such as Energize Ventures and Fifth Wall, had also participated in the round.
“It doesn’t feel like we’re on top of Mount Everest; it’s maybe more like it’s base camp. Mount Everest is when every roof has solar,” said Aurora CEO, and Co-Founder, Christopher Hopper.
Founded in 2013, their platform assists in solar sales and design, allowing solar professionals to work on installations remotely. Powered with features such as automated photovoltaic system design, lidar-based shade analysis, and AI-assisted 3-D modeling, the Aurora software can save money and the time of a solar installer who otherwise has to travel to the location of the installation.
It is the fact that you can do things remotely much faster and more accurately than if you traveled to the siteSam Adeyemo, Co-founder, and COO enunciates Aurora Solar’s core value proposition
Various vital factors of solar installation- the number of solar panels to be fit, a project’s energy production, battery needs, and financial savings that a transition to solar would bring- are also determined by the software.
Aurora’s technology is also poised to help push costs related to solar panel installation further down, even if the price of solar power goes up. Stating that the trick was to make a dent in the soft costs, Hopper added,
If you can be more accurate, and you know what system size fits how much you’re going to produce, what the savings are going to be, you can quote with much more confidence, and this is also going to reduce cost.Pejman Nozad, Pear VC’s Founding Managing Partner
added that the market opportunity will be huge for Aurora as solar installations are expected to grow at over 35 percent Compound Annual Growth Rate (CAGR) in the next five years.