San Francisco-based Aurora Solar, a solar sales and software designer, has closed a US$200 million Series D funding round.
Co-led by current investors Coatue and Energize Ventures, with follow-on participation of existing partners Fifth Wall, ICONIQ and new investors Lux Capital and Emerson Collective, the round takes the total raised by Aurora to more than US$520 million.
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This comes less than a year after the company raised US$250 million in a Series C funding round, effectively doubling the company’s previous valuation to US$4 billion.
Christopher Hopper, co-founder and CEO of Aurora Solar, said: “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 said the funding will be used to accelerate its product development and expand the company’s headcount.
Samuel Adeyemo, co-founder and chief revenue officer of Aurora Solar said software was becoming a critical part of any solar company’s technology and operating strategy.
Aurora Solar’s software platform has designed more than 7.5 million solar projects and over 5,000 organisations uses its software.
“Aurora’s focus is to help our customers tackle some of the industry’s biggest challenges head on: accelerating sales cycles, scaling up design operations, and transitioning costly and ineffective manual processes to automated and integrated workflows,” Adeyemo added.
Last August, Aurora Solar acquired Folsom Labs, the developers of HelioScope, a solar design software solution aimed at the commercial and industrial segment, helping the San Francisco company to cover both residential and commercial segments.