Saudi-backed Vision Fund invests $1.1bn in ‘dynamic glass’ firm View

Spread the info

Time: November 02, 2018      

The tint of View’s ‘dynamic glass’ product can be automatically altered — helping minimize glare and reduce energy consumption by up to 20 percent. (Courtesy View)
  • View CEO Dr. Rao Mulpuri: We are excited to have this strong endorsement of our vision from SoftBank
  • Dr. Rao Mulpuri: This investment enables us to scale our business to meet rapidly growing demand

JEDDAH: The Saudi Arabia-backed SoftBank Vision Fund has invested $1.1 billion in View, a company that makes Internet-connected windowpanes.

The tint of the company’s “dynamic glass” product can be automatically altered — helping minimize glare and reduce energy consumption by up to 20 percent, it says

“We are excited to have this strong endorsement of our vision from SoftBank,” said Dr. Rao Mulpuri, CEO of View, in a statement.

“This investment enables us to scale our business to meet rapidly growing demand, and further expand our mission: Creating delightful human environments that are more intelligent, more connected and more personalized than ever before.”

FASTFACTS

$100 billion — has been earmarked by the Vision Fund for investment in promising technology companies.

Tom Cheung, partner at SoftBank Investment Advisers, said that View had “created an entire new market category that makes buildings healthier and smarter.”

View’s dynamic glass is installed in 35 million square feet of buildings and is growing “rapidly,” the company said.

The Vision Fund — which has also invested in companies like Uber Technologies and WeWork — has earmarked nearly $100 billion in capital for promising technology companies. Saudi Arabia has contributed $45 billion to the fund.

This article was first published in Arab News

If you want more interesting news or videos of this website click on this link  Arab News Home

ru


Spread the info