Rivian has created a new standalone company focused on industrial artificial intelligence, becoming the second major spinout it has disclosed this year.
The new entity, called Mind Robotics, was set up in the last few days and has secured about $110 million of external seed capital, Rivian said in the shareholder deck published on Tuesday amid the third quarter financial results.
The company will focus on “the advancement of industrial AI to reshape how physical world businesses operate” and will use Rivian operations data “as the foundation for a robotics data flywheel.”
“We believe there are synergies shared between the development of autonomous driving and physical AI,” Rivian wrote. “(…) We believe AI-enabled robotics can support a wide range of industrial applications.”
Rivian shares earlier in the day fell to their lowest since late August.
Mind Robotics is the second spinoff Rivian has highlighted in recent months.
The company said it has already carved out its micromobility business — called ALSO — announcing it retains a 40.6% minority interest.
ALSO launched last month with two electric models: TM-B, an e-bike for consumers, and TM-Q, a quadricycle aimed at commercial and consumer use cases.
As reported last week, pricing for ALSO’s entry-level TM-B e-bike has been leaked through the company’s Shop app, revealing that the Base model will start at $3,250 for the road wheel version.
“This started with the launch of our micromobility business ALSO, developing a vertically integrated platform to enable a portfolio of exciting, micromobility EVs which we have since spun out while still holding a 40.6%* minority interest,” Rivian said.
Rivian said its goal with the spinouts is to accelerate innovation while keeping the main business focused on scaling vehicle production and improving unit economics.
“As a company, we remain focused on our key priorities and our mission to keep the world adventurous forever,” the company said.
“With our strong bench of technology talent and an innovation-driven culture, we have been able to identify additional areas of value to accelerate our mission on a wider scale while maintaining Rivian’s focus,” it added.
