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Aurora Solar, a solar systems software developer, has closed a US$250 million series C funding round.
- Aurora intends to use the latest investment to expand services and scale the company growth.
- Aurora develops software that aid in the design and installation of PV systems.
US-based Aurora Solar, a solar systems software developer, has closed a US$250 million series C funding round. The company develops software that aid in the remote design and sale of PV systems. The investment round was led by technology investment platform Coatue and existing investors ICONIQ Capital, Energize Ventures and Fifth Wall. The financing from this round brings the cumulative amount raised by Aurora to more than US$320 million in the last two years.
Aurora says that its software can help developers and consumers assess their solar energy needs, including determining how many solar modules will fit on a property, forecast PV systems energy supply, calculate the number of batteries needed by a system and how many batteries are needed for backup power and find out how much money customers can save if they switch to solar.
Aurora intends to use the latest investment to accelerate its product roadmap, expand sales and customer support, and build its leadership team to help scale the company.
Sam Adeyemo, co-founder and CRO of Aurora Solar, commenting on the latest finance raised, stated, “our mission is to create a future of solar energy for all. The only way to reach that goal is to make it easy for solar professionals to design and sell solar remotely, and to make it affordable for consumers to understand and access the benefits of solar,”
Investment firm Coatue notes that with residential solar expected to grow in the coming years, Aurora has the potential to scale especially as it lowers costs associated with installation and obtaining permits.