Micromobility startup Also, a spinoff of US-based electric vehicle maker Rivian, has raised $150 million to develop autonomous delivery vehicles. The company aims to use this capital to advance its self-driving technology and scale its business. While the startup remains private and is not listed on Indian exchanges, its progress is significant for the global electric vehicle and last-mile logistics sector.
Also, a US-based micromobility startup that originated as a project within electric vehicle manufacturer Rivian, has successfully raised $150 million in its latest funding round. This Series D investment was led by Prysm Capital, with support from existing investors including Eclipse, Greenoaks, and MVP Ventures. This latest influx brings the company’s total funding to approximately $455 million since it became an independent entity.
Expansion Into Autonomous Delivery
The company plans to direct this new capital toward the development of its autonomous driving technology. Also is looking to expand beyond its current lineup of consumer electric pedal-assist bikes and commercial cargo quads to include autonomous delivery vehicles. These upcoming vehicles will be built on the same electric platform that powers the company's current products. The firm is also building a portfolio of strategic partnerships, including agreements to develop autonomous delivery solutions for companies like DoorDash and cargo vehicles for Amazon.
The Business Model and Background
Also was launched by Rivian founder and CEO RJ Scaringe as a separate startup focused on smaller electric vehicles. The company operates independently but maintains close ties with Rivian, which remains a minority stakeholder, and Scaringe continues to serve on its board. The startup’s team includes professionals with prior experience at major technology and automotive companies like Tesla, Apple, and Google. This operational setup is designed to allow Also to utilize Rivian's technical resources and manufacturing knowledge to scale its business more efficiently.
Challenges and Market Context
While the company has secured significant funding, it faces typical challenges associated with early-stage, capital-intensive businesses. The micromobility sector requires heavy spending on research and development, and maintaining profit margins is often difficult for new entrants. Furthermore, Also has recently dealt with supply chain delays regarding its debut product, the TM-B consumer e-bike, which only recently began reaching customers.
For investors observing the global electric vehicle and logistics space, this development is relevant because it highlights the growing trend of integrating autonomous tech into small-format delivery vehicles. Although Also is a private company and cannot be traded on the National Stock Exchange (NSE) or Bombay Stock Exchange (BSE), its execution in the coming months will be a key indicator for the future of last-mile delivery and autonomous technology. Market participants will be watching whether the company can successfully scale its production, meet its delivery promises to commercial partners, and effectively implement its autonomous driving prototypes.