Rivian Spinout Also Reaches Unicorn Status With $150M Series D Round

Palo Alto micromobility startup Also, which spun out of electric vehicle manufacturer Rivian, has raised $150 million in Series D funding at a valuation exceeding $1 billion, according to reporting from The Next Web.

The financing was led by Prysm Capital, with continued participation from existing investors Eclipse, Greenoaks, and MVP Ventures. The funding brings Also’s total raised capital to $455 million in less than two years, following its initial $105 million spinout funding in early 2025 and a subsequent $200 million Series C round led by Greenoaks.

Chief Executive Officer Chris Yu, a former product executive at Specialized with an aerospace background, stated that the company views its e-bike as an initial vehicle for a broader hardware platform. Also manufactures its own motors, batteries, compute, and software, creating a modular architecture intended for sub-automobile transport, ranging from delivery quads to driverless transit pods.

Yu argued that utilizing heavy passenger vehicles for single commuters or small parcel deliveries adds cost and traffic strain. The company plans to use the Series D proceeds to advance multiple self-driving vehicle form factors simultaneously, aiming to integrate small autonomous vehicles into municipal transport systems alongside full-sized robotaxis within five years.

Also retains structural links to Rivian, whose chief executive, RJ Scaringe, co-founded Also and serves as its chairman. Rivian maintains a minority equity position and plans to supply real-world fleet driving data to help train Also’s autonomous navigation models. Prysm Capital partner Jay Park noted that the firm’s investment mirrors its early thesis on Rivian’s vertically integrated electric vehicles.

Beyond consumer products, Also has established commercial deals, including supplying pedal-assist cargo machines to Amazon. The startup has also entered a multi-year arrangement with DoorDash—an investor in its Series C—to develop autonomous last-mile delivery robots powered by the startup's shared motor and compute stack.

The capital injection comes amid a volatile landscape for micromobility manufacturers, highlighted by the bankruptcy of Rad Power Bikes, the shutdown of Juiced Bikes, and Porsche's withdrawal from the e-bike sector. However, industry analysts project the $50 billion micromobility market will more than double by the early 2030s as Also begins delivering its TM-B two-wheeler and advances development of its TM-Q commercial delivery quad.