Rivian spinout EV start-up raises $200m in Series C round

Also, an electric vehicle (EV) startup spun out of Rivian, has raised $200m in a Series C round.

The funding round was led by Greenoaks, with participation from DoorDash as a strategic investor alongside Prysm Capital.

The company develops vertically integrated small EVs, combining proprietary hardware, software and manufacturing to support multiple products built on a shared platform.

It said the newly secured capital will be directed towards product development, expanding manufacturing capacity and supporting the international rollout of compact EVs designed for both manual and autonomous use.

As part of the funding, Also has entered into a multi-year commercial agreement with DoorDash focused on autonomous last-mile delivery.

Under the arrangement, DoorDash co-founder and head of DoorDash Labs, Stanley Tang, will join Also as a board observer.

Tang said: “Also is building purpose-built EVs that are designed to unlock new ways to meet customers and merchants where they are. We are excited to invest and partner with them as we look to scale autonomous delivery.”

The partnership will initially target deployment of autonomous vehicles in complex and underserved environments, including areas where roadways intersect with bike lanes and nearby spaces.

Also recently unveiled its first products: the TM-B electric bike and the TM-Q electric delivery quad, both designed as pedal-assisted EVs.

The company plans to scale production and expand into global markets.

Also co-founder and president Chris Yu added: “I couldn’t be more excited to partner with the team at DoorDash to deploy autonomy in areas not yet fully solved for – at the intersection of roadways, bike lanes and road adjacent spaces. Small autonomous EVs are optimal in these environments and that is what Also is building from the ground up.”

Separately, its parent company Rivian has also been raising capital.

Last month, Uber agreed to invest up to $1.25bn in Rivian, including an initial $300m, with the total potentially increasing by 2031 based on milestones linked to its self-driving technology.

The agreement could also involve Uber purchasing up to 50,000 autonomous vehicles.

In its latest financial results, Rivian reported gross profit of $144m for 2025, compared with a gross loss of $1.2bn the previous year.

Its full-year net loss narrowed to $3.64bn from $4.74bn, while consolidated revenue increased 8% to $5.38bn.

“Rivian spinout EV start-up raises $200m in Series C round” was originally created and published by Just Auto, a GlobalData owned brand.

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