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.
