Also reaches $1 billion valuation with $150 million funding round

Palo Alto-based startup Also has raised $150 million in a Series D funding round led by Prysm Capital, with participation from Eclipse Capital and Greenoaks. This latest investment brings the company’s valuation to over $1 billion.

Founded two years ago as a spinoff from Rivian, Also is developing a technological platform for small vehicles. While its most prominent product is a $3,500 electric bicycle, the company’s core technology includes proprietary motors, batteries, computing systems, and software designed for any vehicle smaller than a car. This includes delivery vehicles and potentially fully autonomous transport for both goods and passengers.

Following its separation from Rivian in early 2025, the company has secured significant capital, including a $200 million Series C round and strategic investment from DoorDash. The new funds are earmarked to accelerate the development of Also’s autonomous vehicle platform.