Rivian spinout Also raises another $150 million

Also, the micromobility startup that spun out of Rivian in 2025, has closed a $150 million Series D round as it pushes beyond pedal-assist e-bikes and commercial cargo quads into autonomous delivery vehicles, according to TechCrunch's report. The round was led by Prysm Capital, with participation from existing backers Eclipse, Greenoaks, and MVP Ventures, bringing Also's total funding to $455 million in less than two years since founding.

This article covers the terms and investors behind the raise, the strategic rationale for Also's autonomous vehicle pivot, how the new capital will be deployed, the competitive landscape for autonomous last-mile delivery, and the unresolved questions around Also's e-bike rollout and long-term independence from Rivian. It is relevant to investors tracking the AV and micromobility sectors, operators in last-mile logistics, and consumers who have pre-ordered Also's consumer bikes.

The deal behind Rivian spinout Also

Prysm Capital led the $150 million Series D, joined by Eclipse, Greenoaks, and MVP Ventures — all existing investors who doubled down on the company. Prysm Capital co-founder and managing partner Jay Park cited his firm's early bet on Rivian as the template for backing Also. "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 round follows a $200 million raise led by Greenoaks just a few months earlier, which also included a strategic investment from DoorDash and a multiyear commercial agreement between DoorDash and Also to develop and deploy autonomous delivery vehicles.

The $150 million infusion is earmarked specifically to "accelerate the development" of Also's autonomous driving technology and the "simultaneous progression of multiple autonomous form factors," according to the company. Also says these future autonomous vehicles will share the same electric architecture it developed for its consumer TM-B e-bike and its commercial electric delivery quad. That architectural continuity — reusing hardware and software across consumer and commercial products — is central to Also's cost and development strategy, echoing the vertically integrated model that Rivian used for its trucks, vans, and SUVs.

Why Rivian spinout Also raised now

Also's decision to raise again so quickly — the $200 million round closed just a few months before this $150 million close — reflects the capital intensity of autonomous vehicle development. Building AV software stacks, sensor suites, and the operational infrastructure to deploy autonomous fleets commercially requires sustained investment over multiple years before revenue can scale. Also is at the stage where it has consumer products shipping and commercial agreements signed, but the autonomous technology underpinning its long-term business model is still in development, making this an aggressive but strategically timed raise.

The DoorDash partnership announced during the prior round provides a clear commercial anchor: a named, multiyear customer committed to deploying Also's autonomous delivery vehicles gives investors a tangible demand signal. That agreement likely made it easier to bring back Prysm Capital, Eclipse, Greenoaks, and MVP Ventures for another check without requiring a new lead investor to conduct full diligence from scratch. Also's total raise of $455 million in under two years signals that its backers view the autonomous last-mile delivery market as large enough to justify front-loading capital before the competitive window narrows.

What the Rivian spinout Also money

Also plans to use the $150 million to advance autonomous driving technology and run development programs across multiple autonomous form factors simultaneously. The company has not disclosed specific headcount targets or named the autonomous platforms under development beyond confirming they will use the same electric architecture as the TM-B bike and the commercial quad. On the consumer side, Also said its Launch Edition e-bike — priced at $4,500 under the TM-B name — is now beginning to ship to customers after a delay of several months. The company has also opened preorder and configuration access for its performance and standard TM-B models, with initial deliveries of those variants expected to begin in the fall.

Also revealed its first products last October: the TM-B two-wheeler and two quad vehicles. One of those quad variants is being supplied to Amazon, establishing a second major logistics operator relationship alongside DoorDash. The company has not disclosed the volume or timeline of the Amazon quad supply agreement. By running consumer e-bike deliveries and commercial quad deployments in parallel with autonomous AV R&D, Also is effectively operating three distinct product lines simultaneously — a resource allocation challenge that the $150 million raise is designed to address.

Competitive context for Rivian spinout Also

Also competes in a crowded autonomous last-mile delivery space that includes Starship Technologies, Serve Robotics, and Nuro, as well as larger logistics operators building in-house delivery robotics. The DoorDash and Amazon partnerships give Also a differentiated position: rather than competing for pilot contracts, it has multiyear commercial agreements with two of the largest last-mile delivery networks in the United States. Serve Robotics, which also has a DoorDash relationship, went public in 2024, giving investors a public-market comparable for Also's trajectory, though Also's broader product portfolio — spanning consumer bikes and commercial quads alongside AVs — is a distinct model.

Also's Rivian lineage provides engineering and operational advantages that pure-play micromobility or AV startups lack. Rivian holds a minority stake in Also, and Rivian founder and CEO RJ Scaringe serves on Also's board. Also has previously said it will leverage Rivian's technology, retail presence, and economies of scale as it scales. The team Also assembled draws from Apple, Google, Specialized, and Tesla, giving it a talent base that spans consumer electronics product development, autonomous systems, and high-performance cycling — a combination that most competitors in the delivery-robot space do not replicate.

Open questions on Rivian spinout Also

Also's e-bike launch has already encountered one material setback: the Launch Edition TM-B was delayed for months before shipments began. The company has not disclosed how many Launch Edition units have shipped, what caused the delay, or whether the performance and standard model deliveries expected in the fall are on track. For a company raising at the pace Also is, prolonged consumer delivery problems could complicate the narrative around its ability to execute on the far more complex autonomous vehicle programs it is now prioritizing.

The relationship between Also and Rivian also raises structural questions. Rivian holds a minority stake and Scaringe sits on the board, meaning Also is not fully independent in governance terms. As Also pursues autonomous delivery with DoorDash and Amazon — two companies that also have logistics relationships with other vehicle platforms — there is a question of how Rivian's interests as a minority stakeholder interact with Also's commercial decisions. Also has not disclosed the size of Rivian's stake, the terms of the board seat, or whether any right-of-first-refusal or exclusivity provisions exist between the two companies.