Aurora Solar, a San Francisco-based SaaS company that develops tools that enable solar professionals to design and sell solar remotely — rather useful in a pandemic, eh? — announced yesterday that it has raised $50 million in Series B, bringing the company’s total investment to more than $70 million. This round, which Aurora says is the largest single investment in this market, was led by ICONIQ Capital.
In October, projects designed in Aurora surpassed 4 million, with the last million designed during stay-at-home orders and in a record time of six months.
Aurora enables solar installers to accurately perform remote solar shading analysis, design solar and storage systems, forecast energy production, calculate bill savings, generate sales proposals with financing options, and more.
This latest round of financing will be used to continue hiring across all teams and to ramp up developing new features and services to help solar installers sell more solar, expand their business with storage, and improve the workflow for solar sales consultants and customers.
Christoper Hopper, cofounder of Aurora Solar, told Electrek:
There simply isn’t a way to scale residential solar without changing the current process of installing solar and reducing its soft costs, and Aurora is addressing both. We’re providing technology solutions to increase the speed and accuracy of remote site assessments and LIDAR-based shade analysis to help drive down the cost of solar energy for homeowners.
Industry analysts at BloombergNEF are expecting a 22% year-over-year growth for the US residential solar market next year. Solar companies that have transitioned to online sales and solar design during the lockdown will be well-positioned for the anticipated growth.
Samuel Adeyemo, the other cofounder of Aurora Solar, said:
Solar has emerged as one of the key future energy sources, and Aurora is increasingly the go-to solution for solar installers who are looking to affordably deploy solar at scale.
The pandemic has accelerated trends toward remote processes, and we are delighted to have the resources to build all the tools that will help the industry thrive in this new environment.
FTC: We use income earning auto affiliate links. More.