Rivian spinout Also raises another $150 million
Micromobility startup Also has raised $150 million to expand its autonomous delivery vehicle technology. The company, which spun out of Rivian, plans to use the funding to develop new autonomous form factors using its existing electric architecture.
Why it matters
It highlights the growth of the autonomous delivery sector and the continued influence of major EV manufacturers on new mobility startups.
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.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in