Total amount raised
$523.5 Millions
Latest funding date
2/1/2022
Location
Aurora Solar has successfully raised significant funding through multiple rounds, including a Series D round, to support its innovative solar design software. The platform leverages aerial imagery and AI to streamline the solar installation process, making it more efficient and profitable for installers and financiers.
Keep reading to explore the intricacies of Aurora Solar's fundraising journey and the investors backing this cutting-edge platform.
What Is Aurora Solar?
Aurora Solar, founded in 2013 by Christopher Hopper and Samuel Adeyemo, is based in San Francisco, California. The company specializes in developing cloud-based software for solar PV engineering design, workflow management, and sales and customer acquisition for solar installers and financiers.
Leveraging aerial imagery and AI, Aurora Solar's platform allows for the creation of highly accurate solar designs without the need for site visits. This innovative approach streamlines the solar installation process, making it more efficient and profitable.
With a team of 251-500 employees, Aurora Solar continues to lead the industry in providing cutting-edge solutions that support the entire solar project lifecycle from sales to design and delivery.
How Much Funding Has Aurora Solar Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2014
- Lead Investors: Pear VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their solar design software.
- Series A
- Amount Raised: $23.5M
- Date: February 2019
- Lead Investors: Energize Capital, Fifth Wall, S28 Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their market reach and enhance product features.
- Series B
- Amount Raised: $50M
- Date: November 2020
- Lead Investors: ICONIQ Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and improve AI capabilities.
- Series C
- Amount Raised: $250M
- Date: May 2021
- Lead Investors: Coatue
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand their customer base.
- Series D
- Amount Raised: $200M
- Date: February 2022
- Lead Investors: Coatue, Energize Capital
- Valuation at Round: $4 billion
- Motivation Behind the Round: To further the digital transformation of the solar ecosystem.
Total Amount Raised: $523.5M. Current Valuation: $4 billion.
Key Investors
- Coatue Management
- Details: Coatue Management is a global investment firm managing over $35 billion in assets. It focuses on technology, media, telecommunications, and consumer sectors.
- Investment Focus Areas: Technology, media, telecommunications, consumer sectors.
- Notable Investments: Snap Inc., DoorDash, ByteDance.
- Energize Ventures
- Details: Energize Ventures is a venture capital firm with nearly $750 million in assets under management. It invests in digital solutions for energy and heavy industries.
- Investment Focus Areas: Energy, industrial technology, sustainability.
- Notable Investments: Volta Charging, DroneDeploy, Jupiter Intelligence.
- Fifth Wall
- Details: Fifth Wall is a venture capital firm that focuses on technology for the global real estate industry. It aims to bridge the gap between real estate and technology.
- Investment Focus Areas: Real estate technology.
- Notable Investments: Opendoor, Blend, Hippo.
- ICONIQ Capital
- Details: ICONIQ Capital is a global multi-family office and merchant bank. It provides financial advisory and investment management services to influential families and organizations.
- Investment Focus Areas: Technology, growth-stage companies.
- Notable Investments: Snowflake, Uber, Zoom.
- Lux Capital
- Details: Lux Capital is a venture capital firm investing in emerging science and technology ventures. It focuses on companies that are pushing the boundaries of innovation.
- Investment Focus Areas: Emerging science, technology ventures.
- Notable Investments: Anduril, Zoox, Shapeways.
What's Next for Aurora Solar?
With a $4 billion valuation and $200 million in recent funding, Aurora Solar is poised to capitalize on the booming solar industry. The company aims to accelerate product development, expand its market reach, and build stronger customer relationships. The solar industry, valued at $100 billion, offers vast opportunities for growth, especially as digital transformation becomes crucial for solar companies.
Future fundraising seems likely, given the substantial investor confidence and the industry's rapid growth. However, Aurora Solar will need to navigate challenges such as intense competition, technological advancements, and regulatory changes. Maintaining innovation and scaling operations effectively will be key to their continued success.
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