Rivian spinout Also raises another $150 million
The round, led by Prysm Capital, will fund the company's expansion beyond pedal-assist electric bikes and commercial cargo quads to autonomous delivery vehicles.
Also, a company spun out of Rivian, has secured an additional $150 million in funding to drive its growth and expansion into new markets. This latest investment round, led by Prysm Capital, brings significant validation to Also's vision of transforming urban mobility. The company's existing product lineup, which includes pedal-assist electric bikes and commercial cargo quads, has already shown promise in the rapidly evolving electric vehicle landscape.
The decision to fund Also's expansion into autonomous delivery vehicles is particularly noteworthy. As cities increasingly prioritize sustainable and efficient transportation solutions, the demand for autonomous delivery vehicles is expected to surge. By venturing into this space, Also is positioning itself at the forefront of a rapidly emerging trend. Moreover, the company's ties to Rivian, a well-established player in the electric vehicle industry, provide a strong foundation for Also to build upon.
As the urban mobility sector continues to evolve, it will be crucial to watch Also's progress in developing autonomous delivery vehicles. Key factors to monitor include the company's technological advancements, partnerships, and regulatory developments. Additionally, the market's response to Also's expanded product lineup will provide valuable insights into the viability of autonomous delivery vehicles in the near term. With this latest funding round, Also is well-equipped to drive innovation and growth in the urban mobility space.
Originally reported by techcrunch.com. LiveNewsChannel adds analysis for technology readers.