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In this Research Note, we examine View Inc. (NASDAQ: VIEW), a Silicon Valley-based smart window company founded in 2006. This analysis is based on their 2021 financial results, investor presentations, M&A and their smart buildings strategy.
View, one of the most heavily funded firms in the smart buildings space, acquired unicorn status in November 2018 when it raised a $1.1 billion Series H funding round led by the SoftBank Vision Fund. More recently, the company has been undergoing some turbulence with a misstatement of its financial results to the SEC and the replacement of its CFO, last November 2021. This after going public through a SPAC in March 2021 with CF Finance Acquisition Corp. II, a Special Purpose Acquisition Company sponsored by Cantor Fitzgerald.
Founded as Soladigm in Santa Rosa, Calif. and renamed View in 2012, View Smart Windows use artificial intelligence to automatically adjust in response to the sun, eliminating the need for blinds and increasing access to natural light. View is installed and designed into more than 90 million square feet of buildings including offices, hospitals, airports, educational facilities, hotels, and multi-family residences.
Having been granted a stay of delisting by the SEC, View, Inc. completed its financial restatement of 2019 and 2020 results and released full-year 2021 results on 31st May 2022. Total revenue of $74 million represents a 125% year-over-year growth from 2020 driven by increased customer demand, and the introduction of the View Smart Building Platform and View Smart Building Technologies. However, they posted a net loss of almost $343 million, a 33.5% increase in losses from 2020.
With their acquisitions of IoTium and RXR Realty’s WorxWell product in 2021, View expanded its offerings to provide a full technology stack for smart buildings. The company has built a converged, enterprise-grade, secure network that serves as their cloud-native platform for smart buildings, announced on 13 June 2022. Products in the Smart Building Cloud family include: View Secure Edge, View Remote Access, View Building Performance and View Workplace Experience.
The modular platform which extends from network to application, allows IT and digital innovation teams to securely consolidate and normalize building data from across their entire portfolio into a cloud-based environment. APIs and out-of-the-box integrations include over forty real estate technology solutions such as SkySpark, Switch Automation, ThingWorx, Rise by VTS, Mapped, and utiliVisor.
View acquired IoTium in July 2021 a startup founded in 2014 providing an IoT middleware platform which remotely provisions, connects and manages building automation systems. By incorporating IoTium technology into their product portfolio, View strengthened their systems enterprise-grade security offering, while improving cloud-to-edge functionality. Memoori held a webinar with IoTium back in 2017.
View entered into a strategic agreement with RXR Realty in December 2021 to combine RXR’s WorxWell data analytics platform into its broader smart buildings technology stack. WorxWell’s data analytics platform aggregates all building data including occupancy, space usage, digital collaboration and work patterns, access control, air quality, temperature, and environmental factors into a consolidated dashboard to optimize building operations and workplace experience for both building owners and occupiers. WorxWell was deployed in 25 million square feet of office buildings at the time of the acquisition.
For the full year 2022, View Inc expects revenues to be in the range of $100 million to $110 million, with the company believing that 2021 represented an inflexion point in the business due to broader market adoption of smart windows.
However, there is still substantial doubt about View’s ability to continue as a going concern, as its continued existence is dependent upon raising additional capital from outside sources, 2022 will undoubtedly also be a pivotal year for the company.
This article was written by Daphne Tomlinson, Senior Research Associate at Memoori.
