Venture Capital: Aurora Solar Scores $250M Series D
Aurora is a software platform for the design and sale of solar and energy storage projects.
Aurora Solar announced today its $250 million Series C funding round led by Coatue, with follow-on participation from existing investors ICONIQ Capital, Energize Ventures, and Fifth Wall. Aurora adds the software edge to solar projects, attempting to shave off thousands of dollars from the cost of the average solar project by providing remote assistance to solar outfits. (PR Newswire)
Aurora’s software for solar
The startup underlines the immense potential of solar, which has become the fastest-growing source of energy over the past decade, to create jobs and to meet President Biden’s goal of carbon-free power by 2035.
The installation costs for PV solar have plunged by 70% since 2010, and according to Aurora, the next hurdle to making solar affordable are the “soft costs,” that is non-hardware costs.
“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,” the company says.
Use of funds
Aurora intends to apply the funding to build up executive talent, expand its workforce, and boost sales and customer support.
“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.”
The startup has raised over $320 million in slightly more than two years. Since its inception, over 5 million solar projects have been designed in Aurora globally.
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