Singaporean sovereign wealth fund GIC agreed on Monday to invest $200m in View, the advanced window producer backed by telecommunications and internet group SoftBank and ceramics product maker Corning.
The capital will be added to the $300m in private investment in public equity financing being provided by undisclosed investors in connection with the reverse merger announced by View in November 2020.
Originally known as Echromics before later rebranding as Soladigm, View has created smart windows that tint lighter or darker depending on the light levels outside, allowing buildings to save money on heating or cooling.
The company will be listed on the Nasdaq Capital Market once it closes the reverse merger with special purpose acquisition company CF Finance Acquisition Corp II. The transaction gives it an enterprise valuation of about $1.8bn.
View had previously raised more than $1.8bn in debt and equity financing, closing a $72.6m round in 2013 led by Corning and backed by data storage technology provider Seagate and industrial technology producer General Electric (which has divested most of its corporate venturing portfolio).
Khosla Ventures, DBL Investors, NanoDimension, Navitas Capital, Reinet Investments, Sigma Partners and Westly Group also took part in that round. Corning returned for a $150m round in 2015 featuring Corning, NZ Super Fund and Madrone Capital Partners.
SoftBank’s Vision Fund 1 invested $1.1bn in the company in 2018. Its shareholders also include Nuveen’s TIAA Investments affiliate and funds and accounts managed by investment manager BlackRock, which combined to supply $200m in 2017.
Rao Mulpuri, View’s chairman and chief executive, said: “View is on a mission to address climate change and human health by making buildings smarter, healthier, more sustainable and more connected.
“We are growing rapidly and the additional investment from GIC, a long-term investor, will allow us to capitalise on the tremendous growth opportunity ahead of View to modernise infrastructure and build a healthier, more sustainable future.”
Photo courtesy of View, Inc.
