Rivian spinout Also raises another $150 million

Also, the micromobility company that spun out of Rivian last year, has raised an additional $150 million in a Series D round. The funding was led by Prysm Capital, with participation from existing investors Eclipse, Greenoaks, and MVP Ventures. This brings the startup’s total funding to $455 million since it was founded less than two years ago.

The new capital will speed up the development of the company’s autonomous driving technology and support work on multiple autonomous vehicle form factors simultaneously. According to Also, these future vehicles will share the same electric architecture used in its consumer pedal-assist electric bike and its commercial electric delivery quad. The company is expanding its focus beyond those two product lines into autonomous delivery vehicles as part of this next phase.

Jay Park, co-founder and managing partner at Prysm Capital, said his firm is backing Also for the same reason it invested early in Rivian. He said Prysm saw the potential in Rivian’s well-designed, vertically integrated electric trucks, vans, and SUVs, and noted that Also is taking a similar approach with smaller vehicles. The investment comes a few months after Also raised $200 million in a round led by Greenoaks, which included Prysm Capital and a strategic investment from DoorDash, along with a multiyear commercial agreement with DoorDash to develop and deploy autonomous delivery vehicles.

Also did not start with a focus on autonomous tech. It began as a skunkworks project inside Rivian, driven by founder and CEO RJ Scaringe’s interest in micromobility. The team, which drew people from Apple, Google, Specialized, and Tesla, became a standalone startup that spun out of Rivian in 2025 with the Also name and $150 million in initial funding.

Although Also is independent, Rivian remains connected to it. Rivian holds a minority stake in the company, and Scaringe sits on Also’s board. Also has said it will use Rivian’s technology, retail presence, and scale as it grows.

Last October, Also unveiled its first products: a $4,500 two-wheeler called the TM-B and two quad vehicles, one of which will be supplied to Amazon. The company has faced delays getting its e-bike into customers’ hands, with the launch edition held up for months. Also now says the Launch edition is beginning to ship, and it has opened preorders and configuration access for its performance and standard models, with initial deliveries of those models expected to begin in the fall.