By Dana Hull
MILPITAS -- View, a startup that makes "dynamic glass" for commercial buildings, is set to announce Tuesday that it has secured $100 million in venture capital funding -- all from Madrone Capital Partners of Menlo Park.
The huge funding round is remarkable because the venture capital industry is shrinking, and some VC firms have soured on cleantech. Madrone Capital Partners is a private equity and venture capital firm that largely manages the investments of the Walton family of Wal-Mart fame.
"Companies go public to raise $100 million," View CEO Rao Mulpuri said in an interview. "It's a big endorsement of the space, and a big endorsement of the company."
Milpitas-based View, which previously operated under the name Soladigm, manufactures "intelligent" windows with glass that can react to external conditions -- tinting to reject unwanted heat and glare, or lightening to let in winter sunlight.
"This product saves a significant amount of energy consumption in buildings," Mulpuri said. "You can call it cleantech, energy tech or infrastructure tech -- we're seeing traction in the marketplace."
View has installed more than 50 projects at corporate campuses, educational institutions, government buildings, hotels and hospitals, including NASA's offices in Palo Alto and the W hotel in San Francisco.
The company has 300 employees. The headquarters, along with research and development, is in Milpitas; its windows are manufactured in Olive Branch, Miss., a suburb of Memphis.
Madrone declined to comment for the story but general partner Thomas Patterson, who will take a seat on View's board of directors, said in a prepared statement: "We have been closely following View for the past few years, and we are impressed by Rao and the View team's tremendous progress.
"This investment represents a high growth opportunity, enabled by a game-changing product in a very large market," he added. "After thoughtful product development and scaling of operations, View is now poised to make a broad impact in the industry."
Contact Dana Hull at 408-920-2706. Follow her at Twitter.com/danahull.