Rivian spinout Also raises another $150 million

Also, the micromobility startup that spun out of Rivian last year, has secured an additional $150 million in funding. This round, led by Prysm Capital, brings the company's total raised capital to $455 million since its inception less than two years ago. Additionally, the infusion of capital will be utilized to expedite the development of autonomous driving technology and the simultaneous advancement of various autonomous vehicle forms.

The Series D funding will support the creation of autonomous delivery vehicles, augmenting the company's existing portfolio that includes pedal-assist electric bikes and commercial cargo quads. According to Prysm Capital co-founder and managing partner Jay Park, the firm sees parallels between Also's approach and Rivian's vertically integrated electric trucks, vans, and SUVs, and aims to apply the same strategy to smaller form factor vehicles.

The Series D round comes months after Also raised $200 million led by Greenoaks, with participation from Prysm Capital and a strategic investment from DoorDash. DoorDash has also secured a multi-year commercial agreement to develop and deploy autonomous delivery vehicles. While Also has shifted its focus towards autonomous vehicle technology, it originated as a skunkworks project within Rivian, driven by founder and CEO RJ Scaringe's interest in micromobility.

Rivian retains a minority stake and Scaringe serves on the company's board, providing Also with access to Rivian's technology, retail presence, and economies of scale.