Also, the Palo Alto-based micromobility company spun out of Rivian closed a $150 million Series D financing round on Wednesday to bring “driven and autonomous small EV vehicles to consumers and businesses worldwide.”
The round was led by Prysm Capital, with participation from Eclipse Capital, Greenoaks and MVP Ventures.
The new capital will fund the development of Also‘s autonomous vehicle platform and what the company described as the “simultaneous development of multiple autonomous form factors for both goods and passengers” across urban environments.
These autonomous vehicles will leverage much of the EV architecture already developed for its consumer electric bike, the TM-B, and its commercial electric delivery quad, the TM-Q, unveiled earlier this year.
“Whether a vehicle is driven or autonomous, the need to solve for congestion and cost per trip doesn’t change,” co-founder and President Chris Yu said in a statement.
Yu added he was thrilled by the support of the company’s partners and the ability to fast-track development of the autonomous platform.
Autonomous Push
The autonomous push builds on the multi-year commercial agreement Also signed with DoorDash in March to collaboratively develop and deploy autonomous delivery vehicles at scale.
DoorDash also invested in Also’s $200 million Series C round, which closed earlier this year and was led by Greenoaks.
Also separately holds a multi-year deal with Amazon — one of Rivian‘s earliest supporters — announced in October 2025, to supply thousands of pedal-assist e-cargo quads for delivery fleets in Europe and the United States.
Prysm Capital’s Jay Park, who co-founded the firm, drew a direct parallel between Also and the fund’s early backing of Rivian, about which he said they “saw the potential behind wonderfully designed, vertically integrated electric trucks, vans and SUVs.”
According to Park, Also is “applying that same approach to smaller form factor vehicles to address the demands of commercial operators and consumers today.”
Funding History
Also began as a stealth programme inside Rivian in 2022 under the codename Project Inder, exploring how Rivian’s software, electronics and electric propulsion technology could be adapted to smaller vehicle form factors.
Rivian CEO RJ Scaringe holds a board seat and Rivian retains a minority ownership stake.
Eclipse backed Also‘s original $105 million Series B when the company first spun out in March 2025.
Greenoaks invested $200 million in July 2025 at a $1 billion valuation.
The $200 million Series C followed in March, led by Greenoaks with participation from Prysm and a strategic investment from DoorDash.
Wednesday’s $150 million Series D brings cumulative funding to approximately $655 million.
Also is headquartered in Palo Alto and said it is expanding across international markets.
TM-B Now Shipping
The funding announcement arrives as Also’s TM-B Launch Edition electric bike begins shipping to customers across the United States, after a delivery window that has moved four times.
The $4,500 bike was unveiled in October 2025 with a spring 2026 target.
In April, Also emailed reservation holders confirming the first Launch Edition units would ship at the end of June. That slipped to summer, then to July.
The company blamed supply constraints in a statement on its website in June. “A rapid, industry-wide spike in demand for raw materials and electronic components has impacted key parts required for the TM-B,” it wrote.
“This has temporarily delayed our planned manufacturing ramp-up and pushed our first delivery dates past our original spring window.”
It added that its engineering and production teams were “working around the clock to minimize these constraints without cutting a single corner on safety or quality.”
Also told TechCrunch on July 31 that Launch Edition units had begun moving from the manufacturer to a US warehouse, with all orders expected to be fulfilled by September.
The delays have cost the company goodwill.
On the same day, reservation holders were venting in the r/ALSOmicromobility subreddit, with the original poster writing they were “really frustrated by the lack of communication and the actual miscommunication/lies from Also regarding shipment timelines.”
Others said they had cancelled reservations, which had required a $50 deposit. Also is giving Launch Edition buyers an Alpha Wave helmet to compensate for the wait.
The launch has not been without friction. Also pushed the opening of pre-orders in its online Gear Shop by a week to August 18, aligning bike ordering with accessory purchases for what it described as a more seamless experience.
The company recently opened pre-order and configuration access for TM-B Performance and Standard models, with initial deliveries beginning this fall.
TM-B Specs and Pricing
The TM-B is a Class 3 electric bike with a pedal-by-wire drivetrain — no mechanical gears — offering pedal assistance up to 28 mph and a throttle reaching 20 mph.
Also positions the bike as a software-defined vehicle platform rather than a conventional commuter e-bike. Jony Ive’s design firm LoveFrom worked on an early version of the bike, TechCrunch first reported in 2025.
Features include a carbon belt drive, integrated lighting, a removable battery using vehicle-grade cells sourced from Rivian’s consumer EVs, GPS tracking, automatic electronic shifting, and a connected security system with automatic locking and tamper alerts.
The Performance version and Launch Edition are both priced at $4,500 and offer up to 100 miles of range, a 10x assist multiplier, and air suspension. A Standard model is listed at $3,500, with a smaller battery delivering up to 60 miles of range, a 5x assist multiplier, and coil-fork suspension.
Pricing for the Standard trim first leaked in November 2025 through the company’s Shop app at $3,250 before settling at the current $3,500 listing.
Beyond the TM-B, Also’s product roadmap includes the TM-Q — a four-wheeled pedal-assist quad designed for bike lanes and capable of carrying more than 400 pounds — which underpins the Amazon agreement for cargo vehicles.
The DoorDash partnership covers a separate autonomous delivery vehicle.
