Aurora Solar Revenue, Valuation, Funding & Investors

Aurora Solar is valued at $4B as of February 2022, a 40.0x multiple on its last reported $100M revenue.

Last Aurora Solar valuation

$4B

Series D · Feb 2022

Last Aurora Solar funding round

$200M

Series D · Feb 2022

Aurora Solar revenue

$100M

Series D · Feb 2022

Key investors in Aurora Solar

  • Fifth Wall
  • Energize Capital
  • ICONIQ Capital
  • Coatue
  • Pear VC
  • Lux Capital

Aurora Solar Overview

About Aurora Solar

Aurora Solar is a San Francisco-based developer of cloud software for solar photovoltaic design and sales headquartered in the United States. Its platform automates site analysis, 3D modeling, financial proposals, and permitting for installers, integrating with CRM systems like Salesforce and Enphase hardware. Adopted by over 5,000 companies, it optimizes layouts for rooftops and ground mounts.


Founded

2013

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$100M (Feb 2022)

Valuation

$4B (Feb 2022)

Aurora Solar Valuation

Aurora Solar is currently valued at $4B, based on its Series D in February 2022.

The $200M round was led by Coatue and Energize Capital, with participation from Emerson Collective, ICONIQ Capital, Lux Capital and Fifth Wall.

Aurora Solar's valuation has grown 2.0x from $2B at its Series C in May 2021 to $4B in February 2022, across 2 priced rounds.

Aurora Solar valuation by funding round

Revenue multiple
Aurora Solar valuation by funding round
DateStageValuationRevenue Multiple
Feb 2022Series D$4B40.0x
May 2021Series C$2B11.8x

Aurora Solar Revenue

Aurora Solar's latest recorded revenue is $100M, as of its Series D in February 2022. At a $4B valuation, that implies a 40.0x revenue multiple.

Revenue moved from $170M in May 2021 to $100M in February 2022, while the revenue multiple moved from 11.8x to 40.0x.

Aurora Solar revenue by funding round

Aurora Solar revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Feb 2022$100M$4B40.0xSeries D
May 2021$170M$2B11.8xSeries C

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Aurora Solar Funding History

Aurora Solar has raised a total of $524M across 4 funding rounds.

Aurora Solar's first fundraising round was a $24M Series A in February 2019. The most recent completed round was a $200M Series D in February 2022.

Aurora Solar funding rounds

Aurora Solar funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2022Series DCoatue (lead); Energize Capital (lead); Emerson Collective; ICONIQ Capital; Lux Capital; Fifth Wall$200M$4BAurora Solar is a climate tech SaaS company providing the leading software platform for solar sales, design, and adoption, enabling professionals to create, edit, and simulate solar installations with AI-powered tools, 3D estimates, and automation to streamline the sales process and support the digital transformation of the $100 billion solar ecosystem. The company closed a $200 million Series D funding round on February 28, 2022, co-led by Coatue Management and Energize Capital, with participation from existing investors Fifth Wall and ICONIQ Growth, and new investors Lux Capital and Emerson Collective. This marked Energize's fourth consecutive investment in Aurora, following their Series A in 2019, and aimed to accelerate platform expansion, enhance AI capabilities, improve project modeling accuracy, build the leadership team, and capitalize on surging solar market growth where public solar companies saw average annual revenue increases of 28% from 2019-2021. The round valued Aurora Solar at a $4 billion post-money valuation, building on its prior unicorn status achieved in May 2021 with a Series C round of $250 million led by Coatue at a $2 billion valuation. Total funding raised across rounds reached approximately $520-536 million by early 2022, positioning Aurora as a high-growth market leader in solar software with a focus on scaling from early-stage commercialization to growth. Key investors like Coatue, managing over $35 billion in technology-focused assets, and Energize Ventures, specializing in energy and sustainability tech, highlighted Aurora's role as the operating system for solar industry expansion amid rising clean energy demand. The funding supports further product development across the solar value chain, enterprise partnerships, and global expansion to drive adoption at scale.
May 2021Series CCoatue (lead); ICONIQ Capital; Fifth Wall; Energize Capital$250M$2BAurora Solar is a San Francisco-based company providing cloud-based solar design and sales software that enables installers to remotely design, propose, and sell photovoltaic (PV) systems using AI-powered tools, CAD engines, and 3D simulations to streamline the solar installation process for residential and commercial customers. On May 24, 2021, Aurora Solar closed a $250 million Series C funding round led by Coatue, with participation from existing investors ICONIQ Capital, Energize Ventures (also referred to as Energize Capital), and Fifth Wall, bringing total funding raised in just over two years to more than $320 million. The capital was intended to accelerate growth, expand the platform beyond design into a full solar sales and installation process solution, lower soft costs like permitting and installation, and capitalize on the booming residential and commercial solar markets amid global renewable energy shifts. The funding aligned with explosive solar industry growth projections, such as the U.S. solar workforce expanding from 230,000 to 900,000 by 2030 to meet carbon-free power goals, positioning Aurora Solar to power digital transformation in the sector against competitors in solar software.
Nov 2020Series BICONIQ Capital (lead); Pear VC; Fifth Wall; Energize Capital$50M-Aurora Solar is a SaaS platform that enables solar professionals to design and sell residential solar systems remotely. The company's software provides features including shading analysis, energy production forecasting, utility bill savings calculations, sales proposal generation, and financing options to optimize solar installations and reduce soft costs for installers. In November 2020, Aurora Solar closed a $50 million Series B funding round led by ICONIQ Capital (Iconiq Growth), with participation from existing investors Energize Ventures, Fifth Wall, and Pear VC. This brought the company's total funding to over $70 million at that time. The capital was intended to support product development, international expansion, and building the leadership team. The company demonstrated strong traction by 2020, with major solar companies including SunPower, Momentum Solar, Black & Veatch, and Namasta Solar using its platform. Aurora Solar subsequently raised a $250 million Series C round in May 2021 led by Coatue, followed by a Series D in February 2022. By 2022, Aurora Solar had reached a $4 billion valuation based on $100 million in revenue, representing a 40x revenue multiple. In 2023, the company grew revenue to an estimated $170 million, representing approximately 70% year-over-year growth, demonstrating the scalability of its SaaS model serving the expanding solar installation market.
Feb 2019Series AEnergize Capital (lead); Fifth Wall (lead); S28 Capital (lead); Pear VC$24M-Aurora Solar provides AI-powered software for solar sales and design, enabling remote design, energy forecasting, battery sizing, and savings calculations for residential and commercial PV systems. The platform simplifies solar project design using remote imaging and CAD tools, serving major installers like SunPower and partnering with Google in 2019 for improved accuracy. In February 2019, Aurora raised $23.5 million in a Series A round led by Energize Capital, Fifth Wall, and S28 Capital (also listed as Pear VC in some contexts), aimed at expanding market reach and enhancing product features. This round brought total funding at the time to around $50 million including prior seed investments, with investors focused on energy tech and sustainability. Subsequent rounds included a $50 million Series B in November 2020 led by ICONIQ Capital and a $250 million Series C in May 2021 valuing the company at $2 billion, followed by a $200 million Series D in February 2022 at $4 billion. Aurora's traction grew significantly post-2019, with installed projects increasing from 1.5 million in 2019 to 7.5 million by 2022. The company competes in solar software to reduce soft costs like design and permitting amid residential solar market growth.

Who has invested in Aurora Solar?

8 investors have backed Aurora Solar across its funding rounds, including Fifth Wall, Energize Capital, ICONIQ Capital, Coatue, Pear VC and Lux Capital.

Lead investors include Coatue, Energize Capital, ICONIQ Capital, Fifth Wall and S28 Capital.


Aurora Solar Investors

Investors in Aurora Solar by funding rounds participated
InvestorHQRoundsRoleFirst check
Fifth WallUnited StatesLos Angeles, CA4LeadFeb 2019
Energize CapitalUnited StatesChicago, IL4LeadFeb 2019
ICONIQ CapitalUnited StatesSan Francisco, CA3LeadNov 2020
Pear VCUnited StatesSan Francisco, CA2ParticipantFeb 2019
CoatueUnited StatesNew York City, NY2LeadMay 2021
Emerson CollectiveUnited StatesSan Francisco, CA1ParticipantFeb 2022

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Acquisitions by Aurora Solar

Aurora Solar has acquired 2 companies to date.

Last acquisition by Aurora Solar was on July 15th 2024. Aurora Solar acquired Lyra for undisclosed valuation.


Latest Acquisitions by Aurora Solar

Lyra
Folsom Labs
Description
-
Folsom Labs is a San Francisco-headquartered developer of HelioScope, the leading software for solar photovoltaic system design and sales. The platform enables residential and commercial solar installers to create high-performance array layouts with integrated energy yield calculations. Used by thousands of installers worldwide, HelioScope streamlines proposals and boosts solar adoption through fast, accurate modeling tools.
HQ CountryCentral African RepublicUnited States
HQ City
-
San Francisco, CA
Deal Date15 Jul 20249 Aug 2021
Valuationundisclosed$82M
EV/Revenue
EV/EBITDA

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Aurora Solar Competitors

Aurora Solar competitors include listed companies like TGS, Baosight, Ygsoft and Longshine Technology, and private ones like Kraken and Neara.

Public and private companies comparable to Aurora Solar
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
TGSNorwayNorwayPublicly listed$1.5B$653M$3B2.5x
BaosightChinaChinaPublicly listed$1.6B$281M$5.9B3.2x
KrakenUnited KingdomLondonPrivate$2.2B$531M$8.7B3.9x
YgsoftChinaChinaPublicly listed$387M$71M$1.5B3.9x
Longshine TechnologyChinaChinaPublicly listed$674M$24M$1.4B1.8x
NearaAustraliaSydneyPrivate--$784M-

Aurora Solar Public Comps

Aurora Solar is still privately-owned, but its public comps include TGS, Baosight, Ygsoft, Longshine Technology, Flotek Industries, MBB, PSI Software, Pason Systems, Zhejiang Netsun and Nextracker.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
TGS$1.5B$653M2.5x2.5x5.7x4.1x
Baosight$1.6B$281M3.5x3.2x20.3x17.6x
Ygsoft$387M$71M3.8x3.9x20.6x21.4x
Longshine Technology$674M$24M2.0x1.8x55.0x32.5x
Flotek Industries$237M$25M4.9x3.6x45.6x24.2x
MBB$1.3B$239M0.5x0.5x3.0x2.7x
PSI Software$329M($7M)2.6x2.5x(127.4x)51.0x
Pason Systems$300M$93M2.6x2.5x8.3x6.8x

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Common questions about Aurora Solar

When was Aurora Solar founded?Aurora Solar was founded in 2013.
Where is Aurora Solar headquartered?Aurora Solar is headquartered in San Francisco, CA, United States.
Is Aurora Solar publicly listed?No, Aurora Solar is a private, VC-backed company.
What is Aurora Solar's valuation?Aurora Solar was last valued at $4B in its Series D in February 2022.
How much funding has Aurora Solar raised?Aurora Solar has raised $524M across 4 funding rounds.
What was Aurora Solar's last funding round?Aurora Solar's last funding round was a $200M Series D in February 2022, led by Coatue and Energize Capital.
Who are Aurora Solar's investors?Aurora Solar's investors include Fifth Wall, Energize Capital, ICONIQ Capital, Pear VC, Coatue, Emerson Collective, S28 Capital and Lux Capital.
What is Aurora Solar's revenue?Aurora Solar's latest recorded revenue is $100M (February 2022).
What is Aurora Solar's revenue multiple?Aurora Solar's latest valuation implies a 40.0x revenue multiple ($4B valuation on $100M of revenue).
Which companies are comparable to Aurora Solar?Companies comparable to Aurora Solar include TGS, Baosight, Kraken, Ygsoft, Longshine Technology and Neara.
How many companies has Aurora Solar acquired?Aurora Solar has acquired 2 companies, including Lyra and Folsom Labs.
What was the largest acquisition by Aurora Solar?The $82M acquisition of Folsom Labs in August 2021 is the largest acquisition Aurora Solar has made to date.

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