Rivian's newborn, now boasting a $1 billion valuation
In a significant move for the electric vehicle (EV) industry, micromobility startup Also Inc. has secured $200 million in funding from Greenoaks Capital. This investment elevates Also's post-money valuation to $1 billion.
The establishment of Also as an independent entity marks its transition from an internal initiative at Rivian to a standalone company. Also Inc. began as an internal project at Rivian in 2022, operating under the codename Project Inder. It was initially a project led by former Rivian executives, including CEO Ivan Roth.
The company has not yet commented on the funding or future plans, but it is known that Also Inc. aims to develop and manufacture a variety of micro-electric vehicles (EVs). Initially, the team focused on developing an e-bike, with design contributions from LoveFrom, the design firm founded by Jony Ive.
LoveFrom's involvement in the project was also confirmed earlier this year when Also Inc. was spun off from Rivian. However, the article does not provide any new information about the extent of LoveFrom's contribution to the project.
Also Inc. plans to unveil its initial product designs later this year. The article does not mention any specific micro-EVs that Also Inc. is developing, keeping the details under wraps for now.
Prior to this funding, Also Inc. had raised $105 million from Eclipse Ventures. The company's strategic objective is to develop micro-EVs, positioning itself as a key player in the rapidly growing micromobility market.
Neither Rivian nor Also Inc. has provided immediate comments regarding the funding or future plans, leaving the industry and fans eagerly waiting for more updates from the startup. As Also Inc. moves forward with its plans, it's clear that it is poised to make a significant impact in the world of micromobility and electric vehicles.
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