ALSO has closed a $150 million Series D financing round aimed at accelerating development of its autonomous vehicle platform. The round was led by Prysm Capital, with participation from Eclipse, Greenoaks and MVP Ventures. The Palo Alto–based company builds driven and autonomous small electric vehicles for consumers and businesses, and reports commercial partnerships with operators including Amazon and DoorDash.
Highlights
- $150 million Series D led by Prysm Capital, with participation from Eclipse, Greenoaks and MVP Ventures
- Capital directed at ALSO’s autonomous vehicle platform and the simultaneous progression of multiple autonomous form factors covering both goods and passengers
- Autonomous vehicles will draw on the EV architecture already built for the TM-B consumer electric bike and TM-Q commercial electric delivery quad
- Follows a $200 million Series C earlier this year led by Greenoaks, which carried a strategic investment from DoorDash and a multi-year autonomous delivery agreement
Where the Capital Goes
The new capital will support accelerating development of ALSO’s autonomous vehicle platform and the simultaneous progression of multiple autonomous form factors, spanning the movement of both goods and passengers across urban environments, the company says. ALSO characterizes the round as reflecting confidence in its product and technology roadmap, its execution, and its commercial partnerships with operators including Amazon and DoorDash.
“Whether a vehicle is driven or autonomous, the need to solve for congestion and cost per trip doesn’t change. This is exactly why we started ALSO – to deliver well designed, intelligent small vehicles better suited for today’s urban and suburban centers. I am thrilled by the incredible support of our partners and our ability to fast track the development of our autonomous vehicle platform,” said Chris Yu, Co-Founder and President of ALSO.
How Will ALSO Build Its Autonomous Vehicles?
The autonomous vehicles will leverage much of the existing EV architecture ALSO developed for its consumer electric bike, the TM-B, and its commercial electric delivery quad, the TM-Q. The company has not detailed which form factors will reach production first.
TM-B Deliveries Underway
TM-B Launch Edition electric bikes are beginning to ship to customers across the United States. ALSO recently opened pre-order and configuration access for the TM-B Performance and Standard models, with initial deliveries beginning this fall.
Prior Funding and the DoorDash Agreement
Earlier this year, ALSO closed a $200 million Series C financing round led by Greenoaks, with participation from Prysm Capital and a strategic investment from DoorDash. Alongside that round, ALSO and DoorDash entered a multi-year commercial agreement to collaboratively develop and deploy autonomous delivery vehicles at scale.
The company was originally incubated within Rivian before operating independently from its Palo Alto headquarters, a lineage Prysm cited directly in explaining its position.
“We backed Rivian early because we saw the potential behind wonderfully designed, vertically integrated electric trucks, vans and SUVs,” said Jay Park, Co-Founder and Managing Partner at Prysm Capital. “ALSO is applying that same approach to smaller form factor vehicles to address the demands of commercial operators and consumers today. We’re thrilled to partner with RJ, Chris and their world-class team, especially now as ALSO accelerates into autonomous applications.”
