View Inc was a Time Bomb Investment for Sovereign Wealth Capital
Posted on 02/14/2023
View Inc. is a smart glass manufacturer that has backing from sovereign wealth funds such as GIC Private Limited and the New Zealand Superannuation Fund as well as SoftBank Group Corporation via the Softbank Vision Fund. Other investors in View include TIAA Investments and Madrone Capital Partners.
In 2021, blank check company CF Finance Acquisition Corp. II and View, Inc. announced GIC agreed to invest an additional US$ 200 million in the previously announced private investment in public equity (PIPE) issuance. The additional investment from GIC increases the fully committed PIPE investment from US$ 300 million to US$ 500 million. View Inc. went public through a SPAC merger.
On February 9, 2023, GIC reported that it sold around 44.02% of its position in View, lowering its share count from 21,287,417 shares to 11,916,311 shares. On February 14, 2023, View closed at US$ 0.78 per share versus a close of US$ 12.49 on January 15, 2021. According to recent filing data, the Guardians of New Zealand Superannuation Fund still hold around 26,805,669 shares of View.
View generates revenue from the manufacturing and sale of insulating glass units that are coated on the inside with a proprietary technology and are designed and built to customer specifications that include sizes for specific windows, skylights, and doors in specified or designated areas of a building and selling the Controls, Software and Services (CSS), which includes electrical connections schema, sky sensors, window controllers and control panels with embedded software, cables and connectors that when combined with the IGUs enable the IGUs to tint.
Keywords: View, Inc.
