- Aurora Solar has raised $250 million from a host of investors in its Series C funding round
- It will deploy the proceeds to expand the company’s product roadmap and grow its team
- Aurora Solar believes its software solution can help in cost savings for both residential and commercial projects
US based solar sales and design software start-up Aurora Solar has raised $250 million for its Series C funding which it plans to deploy to expand its product roadmap as well as team, sales and customer support. It will also build its leadership team to help scale the company.
The funding round was led by technology investment platform Coatue, with follow-on participation from existing investors ICONIQ Capital, Energize Ventures and Fifth Wall.
Co-Founder and CRO of Aurora Solar Sam Adeyemo said, “This funding will help us accelerate our vision, as more solar companies choose to grow their business using digital and remote solutions rather than manual ones.”
Aurora Solar says its technology helps solar professionals to remotely design and sell solar and storage projects by determining the number of solar panels that can fit on a property, with how many batteries for backup power, how much energy the system will produce, and how it will result into cost savings for the system users.
This would also lead to lowering the price of both residential, and commercial projects, claims the company. “Residential solar is set to grow significantly over the next decade,” said Senior Managing Director at Coatue Jaimin Rangwalla. “Aurora has the potential to unlock an inflection in this growth through lowering soft costs, such as installation and permitting.”