Rivian Spinout ALSO Raises $150M Series D to Go Autonomous

Cars are overbuilt for moving one person or one bag of food across a city. Running a two-ton machine for either is what produces congestion and cost. Yet the vehicles smaller than a car were never properly engineered — e-bikes stayed hobby products, and delivery two-wheelers stayed modified consumer models.

ALSO is going after that gap: smaller-than-car electric vehicles designed from scratch, with hardware and software built together. It sells two products today — the TM-B consumer electric bike and the TM-Q electric delivery quad.

Spun out of Rivian

The starting point is Rivian. ALSO was built inside the electric pickup maker and became independent last year. Rivian still holds a minority stake, and founder RJ Scaringe remains on ALSO’s board.

This is not Rivian’s first spinout. Mind Robotics, which builds industrial AI robots, comes from the same lineage — it raised $500 million in March and added $400 million two months later, passing $1 billion in total. The pattern is to transplant Rivian’s way of building hardware and software together into a different domain.

The TM-B Launch Edition has begun shipping to U.S. customers. Pre-orders opened for the Performance and Standard models with configuration options, and first deliveries land this fall.

Amazon buys, DoorDash co-builds

What investors are looking at is the demand ALSO has already locked in.

Amazon will buy pedal-assist cargo vehicles in the thousands. DoorDash came in as a strategic investor in March’s Series C and, at the same time, signed a multi-year agreement to jointly develop and deploy autonomous delivery vehicles at scale. Rather than finishing a product and then hunting for buyers, the buyers were secured first.

Third round, $455 million to date

ALSO announced the close of a $150 million Series D led by Prysm Capital, with participation from Eclipse, Greenoaks and MVP Ventures.

The pace stands out. A company less than two years old has raised three times in 18 months: $150 million at the spinout last year, a $200 million Series C led by Greenoaks in March, and now $150 million. Total funding stands at $455 million. The valuation was not disclosed.

Prysm was an early Rivian backer. It framed ALSO as applying the same thesis it saw in well-designed, vertically integrated electric trucks, vans and SUVs to a smaller form factor. Its portfolio also includes HappyRobot, the enterprise AI agent company for logistics that reached unicorn status on a $150 million round this month.

The e-bike is the wedge

This round goes into autonomy. ALSO will accelerate its autonomous vehicle platform and advance multiple autonomous form factors at once, covering both goods and passengers in urban environments.

The leverage is reuse. Much of the EV architecture developed for the TM-B and TM-Q carries straight into the autonomous vehicles. Sell e-bikes, build revenue and manufacturing experience, then layer autonomy on the same platform. Co-founder and President Chris Yu put it as the problem being unchanged whether a vehicle is driven or autonomous: solve congestion, bring down the cost of each trip.

The competitive field

Smaller-than-car autonomy is a space the large players left open. Waymo and Zoox concentrate on passenger-car form factors, and delivery autonomy has been dominated by sidewalk robots. In Korea, Neubility commercialized food and beverage robot delivery on industrial campuses. ALSO competes on different ground — small vehicles that run on the road.

Put Rivian’s two spinouts side by side and the shared approach shows. Mind Robotics pushes vertically integrated hardware into factories; ALSO pushes it into cities. Both build their own software, and both lock in a large customer before scaling.