Rivian spinout Also raises another $150M

Key Points:

• Also, a micromobility startup spun out of Rivian last year, has raised an additional $150 million in a Series D funding round led by Prysm Capital, bringing its total funding to $455 million since inception.
• The new capital will be used to accelerate the development of autonomous driving technology and advance multiple autonomous vehicle form factors, building on the electric architecture from its pedal-assist bikes and commercial delivery quads.
• Prysm Capital views Also as applying a vertically integrated approach to smaller electric vehicles, similar to its early investment thesis in Rivian’s electric trucks, vans, and SUVs.
• Also recently secured $200 million in funding led by Greenoaks with participation from Prysm Capital and DoorDash, which also entered a multiyear commercial agreement to develop and deploy autonomous delivery vehicles with the startup.
• Although independent, Also maintains close ties with Rivian, which holds a minority stake and on whose technology and retail network Also plans to leverage as it expands its micromobility and autonomous vehicle offerings.