Rivian Spinout Secures $150 Million, E-Bike is Just the Wedge
Also, the micromobility company that spun out of Rivian last year, has raised $150 million in a Series D round. The round values it above $1 billion. The startup makes a $3,500 e-bike, but emphasizes that the funds are for small autonomous vehicles built on the same platform. Amazon and DoorDash are already customers.
Key Takeaways:
- Autonomous Focus: While known for its e-bikes, Also is primarily focused on developing small autonomous vehicles utilizing a shared electric architecture.
- Reusable Platform: The company aims to reuse components across bikes, delivery quads, and driverless pods, making the technology more cost-effective for smaller applications.
- Strategic Partnerships: Also already supplies pedal-assist cargo vehicles to Amazon and has a multi-year agreement with DoorDash to build autonomous last-mile delivery machines.
- Rivian Connection: RJ Scaringe, founder of Rivian, chairs Also and the carmaker holds a minority stake. Data from Rivian's on-road vehicles will be crucial for training Also's self-driving systems.
In their own words:
“Its market is every vehicle smaller than a car,” said Chris Yu, CEO of Also, referring to the potential for its technology. He envisions small-vehicle autonomy becoming as common as self-driving cars within five years.