- Also secured $150 million in its Series D funding, led by Prysm Capital, which has taken its valuation above $1 billion.
- Using the funds it has received, the Rivian spinout intends to develop autonomous small electric vehicles together with its e-bikes.
- This is Also’s third funding round in less than 18 months, bringing its total funding to approximately $455 million.
Also, a Palo Alto-based startup has just completed a $150 million Series D financing, with Prysm Capital as the lead investor and Eclipse and Greenoaks also participating in the investment.
As a result, Also’s valuation has now reached over $1 billion, a significant figure considering that the company is only two years old and its sole product on the market is an e-bike starting at $3,500.
The funds received will be used to develop autonomous models of Also’s vehicles. The company intends to go beyond its pedal-assist TM-B bike and TM-Q delivery quad by developing hardware capable of transporting both people and packages without a rider.
From Rivian’s secret project to a billion-dollar company
Project Inder was also launched in 2022 as an internal initiative at Rivian, with the aim of determining whether its method of building trucks and SUVs could be applied to smaller vehicles. The team engaged LoveFrom, Jony Ive’s company, to assist with the design of the concept.
In March 2025, Rivian spun off the project into an independent company with $105 million in financing led by Eclipse. RJ Scaringe, who is the founder and CEO of Rivian, also founded Also and remains chairman of both companies. Chris Yu, who was previously Vice President of Future Programmes at Rivian and had worked at Specialized for 10 years, is now president of Also.
The technology platform developed by the company, encompassing motors, batteries, computing, and software, is designed for vehicles that are smaller than cars; at present, this comprises the TM-B e-bike, which began shipping in July 2026 following delays in the supply chain, and the TM-Q pedal-assist delivery quad, which is already in use by Amazon and DoorDash, as Tech Funding News reported in Apri.
E-bike companies face tough times as competition grows
When Rad Power Bikes went bankrupt, Juiced Bikes stopped operating, and Porsche shut down its e-bike division. David Zipper, a sceptic about micromobility, gives these failures as proof that the market is saturated rather than underserved.
The global micromobility market is worth about $50 billion and is expected to more than double by the early 2030s. Rather than concentrating on the e-bike sector, which has seen a number of failures, it is focusing on the commercial market; both Amazon and DoorDash are buying a delivery platform and also plan to make this platform autonomous.
There are also other companies operating in this market. Serve Robotics, established by Uber’s Postmates X, produces robots for delivering packages on sidewalks and is currently listed on public markets with a valuation in the hundreds of millions. Amazon operates its own Scout delivery robots and also supports Zoox, the autonomous vehicle company that it acquired in 2020.
The Rivian playbook
Jay Park, one of the co-founders of Prysm Capital and the firm’s managing partner, led the round and referred to the investment as an extension of Prysm Capital’s existing thesis on Rivian, not as a new commitment to micromobility.
“We saw the potential behind wonderfully designed, vertically integrated electric trucks, vans, and SUVs. Also is applying that same approach to smaller form factor vehicles to address the demands of commercial operators and consumers today,” said Park.
This is the third time the company has raised funds since it left Rivian: it obtained $105 million in the Series B round when it was launched in March 2025, $200 million in the Series C round in March 2026 at a valuation of $1 billion, with Greenoaks acting as the leader and Prysm and DoorDash also participating, and now $150 million in the Series D round. The total amount raised is about $455 million.
Scaringe is responsible for more than just Rivian
The industrial AI robotics company he founded in November 2025, Mind Robotics, raised over $1 billion across three funding rounds within less than a year and reached a valuation of $3.4 billion by May 2026. In 2026, Rivian also explored a potential $1.25 billion robotaxi partnership with Uber.
Scaringe currently serves as chairman of a group of companies focused on autonomy, with a total value of several billion dollars, including Eclipse, Prysm, and Greenoaks, all of which have invested in both Also and Mind Robotics.
At the moment, Also offers one bike and one delivery quad. The key issue arising from this funding round is whether this range is sufficient to back a complete strategy for autonomous vehicles, given that its parent company and other associated companies are pursuing their own multi-billion-dollar goals.
