Also raises $150M past a $1B valuation, and the e-bike is the least of it

Also has raised a $150 million Series D led by Prysm Capital, with Eclipse Capital and Greenoaks participating, in a round Fortune said it learned about exclusively ^[1]. The money pushed the two-year-old Palo Alto company past a $1 billion valuation ^[2], and it is earmarked specifically for an autonomous vehicle platform rather than for shipping more bicycles ^[3].

The distinction matters because the visible product invites the wrong comparison set. What Also builds is a small-vehicle technology platform with motors, batteries, compute and software developed in house ^[4], intended to drop into anything smaller than a car that moves people or goods, including pedal-assist delivery quads and eventually fully autonomous vehicles ^[4]. The most visible product so far is a $3,500 e-bike ^[5]. The autonomy work is being run as multiple hardware projects at once, for goods and passengers, on the same EV architecture that underpins the TM-B consumer bike and the TM-Q commercial delivery quad ^[3][6].

The capital history is the tell. Also spun out of Rivian in early 2025 after running as a stealth project inside the carmaker, with founder RJ Scaringe as co-founder and chairman of both companies ^[7]. It took $105 million at spinout, then a $200 million Series C earlier this year led by Greenoaks with Prysm, plus a strategic investment from DoorDash ^[8]. That is at least $455 million of disclosed equity across three rounds ^[15], against a valuation described as just past $1 billion ^[2] - roughly 45 cents of announced primary capital for every dollar of stated company value ^[16]. This is a company being funded as a hardware and autonomy program, with the accompanying burn, not as a consumer brand.

The demand case is contested in the source material itself. Rad Power Bikes went bankrupt, Juiced Bikes collapsed, and Porsche walked away from the category ^[9]. Micromobility critic David Zipper reads that wave as evidence the category is saturated rather than underserved ^[10]. CEO Chris Yu, a former Specialized product chief with an aerospace background ^[11], argues the failures signal how hard it is to build a good customer experience, not weak demand, and points to unreliable batteries and clunky anti-theft locks as what keeps riders out ^[12]. Fortune puts the global micromobility market at around $50 billion, projected to more than double by the early 2030s ^[19], which implies something north of $100 billion ^[20].

The commercial side is where the platform thesis is testable now. Also has an existing Amazon partnership and a multi-year commercial agreement with DoorDash, pointing to robots built on the same motors and compute as the consumer bike ^[13]. Yu's framing is that repurposing a 7,000 pound van, truck or SUV to carry one passenger across town or deliver a hamburger does not make economic sense in dense metros ^[17], and his stated goal is that small-form-factor autonomy is unremarkable within five years, alongside self-driving cars ^[18]. Prysm's Jay Park, who led the round, drew the line back to his fund's Rivian investment in vertically integrated electric trucks, vans and SUVs ^[14].

Watch three things. Whether the DoorDash and Amazon agreements convert into deployed TM-Q volume, since those are the only near-term revenue anchors named. Whether the Rivian data relationship gets formalised: Rivian remains a major non-controlling shareholder and its on-road fleet generates the driving data Also will eventually need to train autonomy, which the source describes as a future dependency, not a live pipeline ^[21]. And the raise cadence, which has run at three rounds since early 2025 ^[8][15] and tells you how much runway an autonomy program at this scale actually consumes.