Rivian spinout Also raises $150M to take its small EVs autonomous

Small electric vehicle maker Also Inc. said today it has raised $150 million in a Series D round to accelerate its work on autonomous driving.

The money will fund several self-driving vehicle formats at once, all of them built on the electric architecture Also already uses in its consumer and commercial products. Chris Yu, the company’s co-founder and president, said congestion and cost per trip are problems “whether a vehicle is driven or autonomous.” Small, well-designed vehicles built for urban and suburban centers were the point of starting Also, he said.

Also was spun out as a standalone business from Rivian Automotive Inc. in March 2025, with initial funding of $105 million. Yu’s last job at Rivian was running future programs, and before Rivian he was chief technology officer at Specialized Bicycle Components Inc. RJ Scaringe co-founded Also and joined its board. Rivian still has him as chief executive.

The company’s first product reached buyers during the northern summer. Also’s TM-B is a pedal-assist two-wheeler, and nothing mechanical connects its pedals to the rear wheel. Riders get a 5-inch circular display and over-the-air software updates. Launch Edition units started shipping in late July at $4,500. A cheaper model is due later this year. Asia and South America come after the U.S. and Europe, the company has said.

Volume, though, is meant to come from the commercial side. The TM-Q is a four-wheeled quad that hauls more than 400 pounds and is built to travel in bike lanes rather than traffic. Amazon.com Inc. has agreed to buy thousands of customized quads for package delivery. DoorDash Inc. signed a multiyear agreement on March 31 to develop and deploy small autonomous delivery vehicles with Also, and took a stake in the company as part of a $200 million round disclosed the same day. Bloomberg reported that the round valued Also at $1 billion.

Scaringe has more than one spinout in play. He started industrial robotics firm Mind Robotics Inc. in 2025. That startup raised $400 million in May. Its machines are built for factory floors.

Prysm Capital LP led the new round. Eclipse Ventures, Greenoaks Capital Partners and MVP Ventures also took part. Prysm backed Rivian early and was an investor in Also’s earlier round. Jay Park, its co-founder and managing partner, said Also is “applying that same approach to smaller form factor vehicles” for commercial operators and consumers.

Including today’s round, Also has raised $455 million since it left Rivian.

Photo: Also