Climate technology provider Aurora Solar announced today it has raised $200 million in a Series D funding round. The financing will help the company accelerate product development, expand outreach, and increase its collaboration with the broader solar community.
The funding round was co-led by current investors Coatue and Energize Ventures with participation from Fifth Wall, ICONIQ and new investors, Lux Capital and Emerson Collective.
Christopher Hopper, Co-founder and CEO of Aurora Solar, said:
“As a trusted partner to the fastest growing solar companies, we have a unique vantage point from which to deliver customer-centric innovation. We are thrilled about our next chapter and accelerating innovations that enable every member of the solar organization to benefit from data and AI, and ultimately deliver on the promise of solar.”
Aurora Solar’s digital platform aims to drive the adoption of solar at scale, by enabling solar professionals to streamline complex manual processes with tools to efficiently sell, design and install solar projects. The company has more than 7.5 million solar projects designed in its software platform.
Last year, Aurora achieved ‘unicorn’ status, reaching a $2 billion valuation in its $250 million series C financing. Today’s deal nearly doubles the valuation to around $4 billion.
According to the company, the solar industry has experienced an average annual growth rate of 42% in installed solar capacity over the past decade and is expected to continue to set record years until 2024. This industry momentum, along with the shift to a digital-first business environment accelerated by the COVID-19 pandemic has outlined the need for solar companies to double down on digital transformation.
John Tough, Managing Partner at Energize Ventures, said:
“Solar is a $100 billion industry and the fastest growing power generation source in the world. At Energize, we believe the key to accelerating solar adoption at scale is through software and automation. Aurora is building the operating system that will support this growth, and we’re thrilled to make our fourth consecutive investment in the company as they continue to expand their platform and build upon their world-class team.”