Rivian spinout Also raises another $150 million
Source Entity
Kirsten Korosec
Micromobility startup Also has secured $150 million in Series D funding to transition from electric bikes and cargo quads into autonomous delivery vehicles. Led by Prysm Capital, the investment brings the company's total funding to $455 million in less than two years.
The Evolution of Also: From Rivian Spinout to Autonomous Pioneer
Also, the ambitious micromobility startup that originated as a spinout from the electric vehicle giant Rivian, has successfully secured an additional $150 million in a Series D funding round. Led by Prysm Capital, this significant capital infusion brings the company's total funding to an impressive $455 million in less than two years of operation. This financial milestone underscores the market's growing confidence in the intersection of sustainable urban mobility and advanced automation.
Strategic Expansion into Autonomy
The core mission of this funding round is to facilitate a strategic pivot in the company's product roadmap. While Also initially established its footprint in the market through pedal-assist electric bikes and commercial cargo quads, the new capital is specifically earmarked to accelerate the development of autonomous driving technology. By moving beyond human-operated micromobility, the company aims to address the growing demand for efficient, self-navigating last-mile delivery solutions.
Leveraging Core Electric Architecture
A critical component of Also’s strategy is the reuse of its proprietary electric architecture. By utilizing the same fundamental platform that powers its consumer electric bikes and delivery quads, the company is positioning itself to achieve significant economies of scale. This modular approach to vehicle development allows for the "simultaneous progression of multiple autonomous form factors," enabling the startup to iterate faster and reduce the research and development costs typically associated with building new autonomous platforms from scratch.
The Role of Institutional Backing
The funding round saw strong participation from both new and existing investors. Along with lead investor Prysm Capital, the round included contributions from Eclipse, Greenoaks, and MVP Ventures. This diverse group of backers, many of whom have deep experience in hardware and deep-tech sectors, provides not just capital but the strategic guidance necessary for a company transitioning from a niche bike manufacturer to a broader robotics and autonomous vehicle developer.
Future Trends in Last-Mile Logistics
As cities grapple with increased traffic congestion and the environmental impact of traditional combustion-engine delivery vans, the shift toward smaller, electric, and autonomous delivery vehicles appears inevitable. Also is positioning itself at the center of this transition. By focusing on smaller footprints and autonomous navigation, the company is addressing the specific challenges of urban delivery, where traditional trucks are often inefficient or restricted by space constraints.
Conclusion: Assessing the Road Ahead
With $455 million in total capital and a clear vision for autonomous integration, Also is well-capitalized to navigate the technical hurdles of the next few years. The success of its expansion will depend on its ability to integrate its existing electric architecture with robust AI-driven autonomy. If successful, the company could become a cornerstone of the future urban logistics ecosystem, fundamentally changing how goods are transported in dense metropolitan environments.