View Inc

View Inc. was a smart glass manufacturer founded in 2007 that developed electrochromic windows for commercial buildings.⁸¹² The company went public via a SPAC merger in March 2021 at a $1.6 billion valuation but faced financial reporting issues, delisting notices, and a class-action lawsuit.⁴⁵¹²¹⁴ View filed for Chapter 11 bankruptcy on April 2, 2024, and its prepackaged plan became effective on May 22, 2024.¹⁷

Timeline

Money raised

View raised a $300,000 Series A round on March 11, 2008 from David Marcus, Khosla Ventures, Sigma Partners, and Vinod Khosla.⁸ View raised a $20.7 million Series B round on October 5, 2009 from Khosla Ventures and Sigma Partners.⁸ View raised a $40 million Series C round on December 14, 2010 from Dbl Investors, GE Energy Financial Services, Khosla Ventures, Nanodimension, Navitas Capital, Sigma Partners, and The Westly Group.⁸ View raised a $55 million Series D round on June 25, 2012 from Dbl Investors, Khosla Ventures, Nanodimension, Navitas Capital, Reinet Investments, Sigma Partners, and The Westly Group.⁸ View raised a $167 million Series E round on January 7, 2013 from Madrone Capital Partners, Triplepoint Venture Partners, and Union Grove Venture Partners.⁸ View raised a $60 million Series E round in June 2013 led by Corning with participation from Khosla Ventures and GE Capital, at a $660 million valuation.¹⁰ View raised a $100 million Series E round in January 2014 led by Madrone Capital Partners at a $700 million valuation.¹⁰ View raised a $150 million Series F round on August 13, 2015 from Corning, GE Energy Financial Services, Madrone Capital Partners, and NZ Super Fund.⁸ View raised $100 million in funding on February 6, 2017.³⁹ View raised a $200 million Series G round on June 19, 2017 led by BlackRock and TIAA.⁸¹⁰ View raised a $1.1 billion Series H round on November 2, 2018 led by SoftBank Group at a $3.84 billion valuation.⁸¹⁰ View raised $206.3 million during the fourth quarter of 2022 through issuing convertible notes.⁵

Investors named in the sources: Khosla Ventures⁸¹⁰, Sigma Partners⁸¹⁰, Madrone Capital Partners⁸¹⁰, SoftBank Group⁸¹⁰, BlackRock⁸¹⁰, TIAA⁸¹⁰, Corning⁸¹⁰, GE Energy Financial Services⁸, NZ Super Fund⁸¹⁰, Dbl Investors⁸, Nanodimension⁸, Navitas Capital⁸, Reinet Investments⁸, The Westly Group⁸, Triplepoint Venture Partners⁸, Union Grove Venture Partners⁸, David Marcus⁸, Vinod Khosla⁸, +ND Capital¹⁰.

What happened

View Inc. was founded in 2007.⁸¹² View developed smart windows that tint automatically to optimize natural light, control heat and glare, and reduce energy consumption.¹² View's windows were installed in office buildings, multifamily properties, airports, educational buildings, and healthcare facilities.¹² View raised its first funding round, a $300,000 Series A, on March 11, 2008.⁸ View raised a $20.7 million Series B round on October 5, 2009.⁸

View raised a $40 million Series C round on December 14, 2010.⁸ View raised a $55 million Series D round on June 25, 2012.⁸ View raised a $167 million Series E round on January 7, 2013.⁸ View raised a $60 million Series E round in June 2013 led by Corning at a $660 million valuation.¹⁰ View raised a $100 million Series E round in January 2014 led by Madrone Capital Partners at a $700 million valuation.¹⁰

View raised a $150 million Series F round on August 13, 2015.⁸ View raised $100 million in funding on February 6, 2017.³⁹ View raised a $200 million Series G round on June 19, 2017 led by BlackRock and TIAA.⁸¹⁰ View received a $1.1 billion investment from SoftBank's Vision Fund in 2018.¹² View raised a $1.1 billion Series H round on November 2, 2018 led by SoftBank Group at a $3.84 billion valuation.⁸¹⁰

View announced a merger agreement with CF Finance Acquisition Corp. II, a Cantor Fitzgerald-sponsored SPAC, on November 30, 2020, valuing View at $1.6 billion.¹² The SPAC merger was expected to inject $800 million into View, with the SPAC providing $500 million.¹² View completed its SPAC merger on March 9, 2021 and began trading on Nasdaq under ticker VIEW.⁴⁸ View's IPO debuted to a lukewarm reception after 12 years marked by fitful starts and stops.⁴ View announced on August 16, 2021 that it had begun an independent investigation concerning the adequacy of its previously disclosed warranty accrual.¹⁴

View's share price fell $1.26, or over 24%, to close at $3.92 per share on August 17, 2021 following the announcement.¹⁴ View delayed upgrades to its factory to slow cash burn in January 2022.² View received its first delisting notice from Nasdaq in spring 2022 after failing to file quarterly earnings reports and seeing its share price dip to as low as 50 cents.⁵ View paid $5 million after pleading guilty to a charge of negligently discharging wastewater at its plant in Olive Branch, Mississippi.⁵ View faced a class-action securities lawsuit from investors, an investigation by the SEC, and disclosed that it was cooperating with a request for information from the U.S. Attorney's Office in the Southern District of New York.⁵

View raised $206.3 million during the fourth quarter of 2022 through issuing convertible notes.⁵ View reported an annual net loss of $337.1 million in 2022 after losing $343 million in 2021.⁵ View disclosed in its annual report filed on March 31, 2023 that it had laid off roughly 170 employees, almost a quarter of its workforce.⁵ View stated in the annual report that it did not have adequate financial resources to fund its forecasted operating costs and meet its obligations for at least twelve months.⁵ View received another delisting notice in February 2023 that it was at risk of delisting if its share price did not rise above $1 for 10 consecutive days by August 14.⁵

View was trading at 49 cents a share on March 31, 2023 and had not traded above $1 at all in 2023.⁵ View was seeking a reverse stock split to stay listed on Nasdaq.⁵ View identified deficiencies in its internal control over financial reporting resulting in material weaknesses as of December 31, 2022.⁵ The SEC charged View on July 3, 2023 with failing to disclose a $28 million liability.¹⁵ Former CEO Rao Mulpuri announced an agreement with a consortium of investors aiming to take View private while revealing plans to proceed with a prepackaged Chapter 11 bankruptcy process in April 2024.¹⁴

View, Inc. and two affiliated debtors filed voluntary petitions for Chapter 11 bankruptcy on April 2, 2024 in the United States Bankruptcy Court for the District of Delaware.¹⁷ View's prepackaged Chapter 11 plan became effective on May 22, 2024.¹⁷ View reached an $11 million settlement in a securities class action lawsuit on May 6, 2025.¹⁴¹⁶ The settlement represented 16.3% to 32.8% of the estimated recoverable damages in the case.¹⁴ The settlement included all individuals who purchased or acquired View stock between November 20, 2020 and May 10, 2022.¹⁴

Legal outcomes

• pleadedView paid $5 million after pleading guilty to a charge of negligently discharging wastewater at its plant in Olive Branch, Mississippi.⁵
• filedView faced a class-action securities lawsuit from investors.⁵
• chargedThe SEC charged View with failing to disclose a $28 million liability.¹⁵
• settledView reached an $11 million settlement in a securities class action lawsuit.¹⁴¹⁶
• dismissedThe judge dismissed the securities class action lawsuit in early 2024 but allowed the lead plaintiff to file a third amended complaint.¹⁴

Sources

1. VC Investment Archives - Page 5 of 15 - Memoori, Memoori
2. SoftBank-backed glass manufacturer View delayed upgrades to its factory to slow cash burn, Business Insider, 2022-01-03
3. View Raises $100 Million for Smart Windows, wsj.com, Feb 6, 201
4. View IPO debuts to lukewarm reception, marketwatch.com, Mar 9, 202
5. View Lays Off 23% Of Workforce, Needs More Funding To Stay Afloat, Bisnow, 2023-03-31
8. View Inc IPO Timeline and Financing Details - Forge, forgeglobal.com
9. View Raises $100 Million for Smart Windows, wsj.com, Feb 6, 201
10. View Valuation, Funding & Investors | Multiples, multiples.vc, Sep 18, 20
12. Howard Lutnick's SPAC To Take Smart Glass Company View Public At $1.6B Valuation, Bisnow, 2020-11-30
14. View Inc. Reaches $11M Settlement in Securities Class Action, USGlass Magazine & USGNN News, 2025-05-06
15. SEC Charges “Smart” Window Manufacturer, View Inc. ..., sec.gov, Jul 3, 202
16. View Inc. settles securities class action for $11 million, Claim Depot, 2025-08-29
17. Kroll Restructuring Administration, cases.ra.kroll.com

How this case file was put together

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