Rivian spinout Also raises another $150 million
Also has raised another $150 million as the micromobility startup that spun out of Rivian last year expands its business beyond pedal-assist electric bikes and commercial cargo quads to autonomous delivery vehicles.
The Series D round was led by Prysm Capital and included existing backers Eclipse, Greenoaks, and MVP Ventures. Also has raised $455 million since its founding less than two years ago.
The new capital will be used to “accelerate the development” of the company’s autonomous driving technology and the “simultaneous progression of multiple autonomous form factors,” according to the company. These future vehicles will use the same electric architecture developed for its consumer electric pedal-assist bike and commercial electric delivery quad.
Prysm Capital co-founder and managing partner Jay Park said the firm is backing Also for the same reason it was an early investor in Rivian.
“We backed Rivian early because we saw the potential behind wonderfully designed,...
Copyright of this story solely belongs to techcrunch.com. To see the full text click HERE
