ALSO, the Palo Alto-based Rivian spinout focused on small electric vehicles, closed a $150 million Series D financing round.
ALSO’s recent $150M round was led by Prysm Capital, with participation from existing investors Eclipse (also referred to as Eclipse Capital), Greenoaks, and MVP Ventures. It brings ALSO’s total capital raised to approximately $455 million in under two years since spinning out of Rivian. Reports indicate the round pushed the company’s valuation above $1 billion (with some private market data citing figures around $1.48 billion).
How will ALSO use the funds?
The capital is earmarked to accelerate development of ALSO’s autonomous vehicle platform and to advance multiple autonomous form factors simultaneously. These are designed for moving both goods and people in urban and suburban environments. The vehicles will leverage the same electric architecture (motors, batteries, compute, and software) already developed for the company’s current products: the TM-B consumer electric pedal assist bike and the TM-Q commercial electric delivery quad.
ALSO positions itself around solving congestion and lowering “cost per trip” in dense settings, whether vehicles are human driven or autonomous. Co-founder and President Chris Yu has emphasized that the core challenge of urban mobility does not change with autonomy, and the company aims to deliver well designed, intelligent small vehicles better suited to today’s cities than full sized cars or vans.
What is ALSO?
ALSO originated as a skunkworks project inside Rivian, driven by Rivian founder and CEO RJ Scaringe’s interest in micromobility. It spun out as an independent company in early 2025 (around March) with an initial ~$105 million raise (primarily from Eclipse). The team draws talent from Apple, Google, Specialized, Tesla, and Rivian. Scaringe co-founded ALSO and remains involved (as chairman or board member), while Rivian retains a minority stake. Chris Yu (former Specialized CTO and Rivian VP of Future Programs) serves as co-founder and president/CEO.
Funding has progressed rapidly:
- Spinout / early 2025: ~$105 million (Eclipse led).
- Mid 2025: ~$200 million from Greenoaks at a $1 billion valuation (pre product).
- March/April 2026: $200 million Series C led by Greenoaks, with Prysm Capital and a strategic investment from DoorDash.
- August 2026: $150 million Series D led by Prysm.
This marks the fourth significant raise in roughly 18 months, reflecting strong investor conviction in the platform approach.
ALSO’s first products are already in market or nearing broader availability. The TM-B Launch Edition e-bike has begun shipping to U.S. customers; pre orders and configurations for Performance and Standard models are open, with deliveries expected in fall 2026. Pricing for the TM-B has been reported in the $3,500–$4,500 range. The TM-Q is a four wheeled, pedal assist commercial delivery vehicle designed to carry more than 400 pounds of cargo while remaining small enough for bike lanes. It shares core architecture (including a pedal by wire system and circular touchscreen interface) with the TM-B.
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Key commercial partnerships underscore the dual driven/autonomous roadmap:
- Amazon: Multi year collaboration (announced late 2025) to supply and customize thousands of TM-Q-style pedal assist cargo quads for last mile delivery in the U.S. and Europe. Amazon already operates numerous micromobility hubs.
- DoorDash: Strategic investment in the Series C plus a multi year commercial agreement to collaboratively develop and deploy autonomous delivery vehicles at scale. DoorDash co-founder and Head of DoorDash Labs Stanley Tang joined as a board observer. The focus is on purpose built small EVs operating in complex urban spaces (bike lanes, curbsides, road adjacent areas).
These partnerships provide both revenue pathways for near term driven vehicles and validation/scale for the longer term autonomous platform.
Prysm Capital’s Jay Park (co-founder and managing partner), an early Rivian backer, highlighted the parallel: ALSO applies the same vertically integrated, design driven approach Rivian used for larger EVs to smaller form factors that better address commercial operators’ and consumers’ needs in congested environments.
The raise occurs against a mixed backdrop for micromobility. Some pure play e-bike companies have faced challenges, yet the broader category (e-bikes, scooters, and small delivery EVs) remains a large and growing market. ALSO differentiates by treating the e-bike and cargo quad as entry points or “wedges” into a broader platform of small EVs (driven and autonomous) rather than as end products. The shared architecture is intended to improve economics across form factors.
The $150 million Series D reinforces ALSO’s rapid capitalization and shift toward autonomy while building on early commercial traction with major logistics players. It positions the company to scale its platform across multiple vehicle types for urban goods and passenger movement, leveraging Rivian heritage, vertical integration, and high profile partners.
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