Aurora Solar raises $50 million during the pandemic by focusing on advanced analytics and remote PV system design

March 09, 2021 | Case Study

In November 2020, Aurora Solar closed a $50 million Series B investment led by Iconiq Capital, with contributions from existing investors Energize Ventures, Fifth Wall, and Pear Ventures. This funding round follows up on a $20 million Series A investment closed in 2019 and brings the total amount of funding raised by the company to more than $70 million – a significant amount within the solar software space, which has mostly registered minority investments (around $1 million) in recent years.

Through this investment, Iconiq Capital complements its portfolio of software developers focused on real estate applications, such as Procore and ServiceTitan. A similar trend can be seen in the case of Fifth Wall and, to a lesser extent, Pear Ventures. The former is squarely targeting real estate solutions and has invested in companies like Aquicore and Built Robotics. Pear Ventures has also made a series of investments along these lines, including in software developer LocateAI.