Also raises $150 million to accelerate autonomous vehicle platform

Also, a Palo Alto-based micromobility startup, has raised $150 million in a Series D funding round led by Prysm Capital. The round included participation from Eclipse Capital, Greenoaks, and MVP Ventures, pushing the company’s valuation past $1 billion.

Originally spun out of Rivian, Also utilizes a vertically integrated approach that combines hardware and software. While its most visible consumer product is the TM-B electric bike, the company is leveraging its electric vehicle architecture to develop a broader platform for vehicles smaller than cars. This includes the TM-Q commercial electric delivery quad and various autonomous hardware projects designed to move both goods and passengers.

The new capital is intended to accelerate the development of Also’s autonomous vehicle platform. The company has already established commercial relationships and strategic investments with major players, including a multi-year agreement with DoorDash to jointly develop and deploy autonomous delivery vehicles at scale. Also aims to reduce urban congestion and transportation costs by providing more efficient, small-scale alternatives to traditional large vehicles for short-distance trips.