Also’s $3,500 e-bike is a $1 billion Trojan horse for autonomous transportation

Also, a Palo Alto-based micromobility startup, has raised $150 million in a Series D funding round led by Prysm Capital, pushing its valuation past $1 billion. The company, which spun out of Rivian in early 2025, specializes in small-vehicle technology platforms designed for delivery quads and autonomous vehicles. Also's first product, a $3,500 e-bike, is built on the same EV architecture as its commercial electric delivery quad, the TM-Q.

The company's technology platform includes in-house motors, batteries, compute, and software. The new funding is specifically earmarked for accelerating Also's autonomous vehicle platform, which aims to make small-form-factor autonomy a standard part of transportation in dense urban and suburban areas. Despite the recent crash and bankruptcy of several e-bike companies, the global micromobility market is still valued at around $50 billion and is projected to double by the early 2030s.

Also's latest funding round arrives at a crucial time for the category, as it seeks to differentiate itself by providing purpose-built small EVs for commercial operations in dense urban areas.