Also, a Palo Alto-based micromobility startup, raised $150 million in a Series D funding round led by Prysm Capital, pushing its valuation past $1 billion, Fortune reported. The two-year-old company is known for its $3,500 e-bike but focuses on a technology platform for vehicles smaller than cars. Eclipse Capital and Greenoaks also participated in the round announced Wednesday.
The company, spun out of Rivian in early 2025 after operating as a stealth project, develops small-vehicle technology including motors, batteries, compute, and software. Rivian founder RJ Scaringe co-founded Also and remains chairman of both companies. Prior to this round, Also raised $105 million at spinout and $200 million in a Series C earlier this year led by Greenoaks and Prysm. DoorDash has also made a strategic investment.
Also’s platform targets various small vehicles that move people or goods, such as pedal-assist delivery quads and future fully autonomous vehicles. The new funding is dedicated to accelerating development of its autonomous vehicle platform with multiple hardware projects underway for transporting goods and passengers. The company aims to leverage its EV architecture to expand beyond e-bikes.
Also disclosed the Series D funding on August 19, 2026, marking a significant milestone as it advances its autonomous vehicle technology and expands its market beyond micromobility products like e-bikes.