Rivian spinout Also raises another $150M

Also has raised another $150 million as the micromobility startup that spun out of Rivian last year expands its business beyond pedal-assist electric bikes and commercial cargo quads to autonomous delivery vehicles.

The Series D round was led by Prysm Capital and included existing backers Eclipse, Greenoaks, and MVP Ventures. Also has raised $455 million since its founding less than two years ago.

The new capital will be used to “accelerate the development” of the company’s autonomous driving technology and the “simultaneous progression of multiple autonomous form factors,” according to the company. These future vehicles will use the same electric architecture developed for its consumer electric pedal-assist bike and commercial electric delivery quad.

Prysm Capital co-founder and managing partner Jay Park said the firm is backing Also for the same reason it was an early investor in Rivian.

“We backed Rivian early because we saw the potential behind wonderfully designed, vertically integrated electric trucks, vans, and SUVs,” Park said, adding that Also is applying that same approach to smaller-form-factor vehicles.

The fresh funding comes a few months since Also raised $200 million in a round led by Greenoaks, with participation from Prysm Capital and a strategic investment from DoorDash. As part of that funding round, DoorDash struck a multiyear commercial agreement to develop and deploy autonomous delivery vehicles.

While Also is increasingly focused on autonomous vehicle tech, that’s not where it started. Also began as a skunkworks project within Rivian, a pursuit driven by founder and CEO RJ Scaringe’s interest in micromobility. That team, which pulled in people from Apple, Google, Specialized, and Tesla, evolved into a startup, which spun out of Rivian in 2025 armed with the name Also and $150 million in funding.

While Also is independent, Rivian is still very much tied to it. Rivian holds a minority stake, and Scaringe serves on its board. Also has previously said it will leverage the automaker’s tech, retail presence, and economies of scale as it grows.

Last October, Also revealed its first products, a $4,500 two-wheeler called the TM-B and two quad vehicles as well, one of which will be supplied to Amazon.

Also has struggled to get its e-bike into customers’ hands and its launch edition was delayed for months. The company said the Launch edition is now beginning to ship to customers and has opened up the preorder and configuration access to its performance and standard models. The company said initial deliveries of these other models will begin in the fall.