Palo Alto-based micromobility company ALSO has closed a $150 million Series D financing round to accelerate an autonomous version of the small-vehicle platform it developed inside Rivian. The round, announced August 19, 2026, was led by Prysm Capital with participation from existing backers Eclipse Ventures, Greenoaks Capital and MVP Ventures, and lifts total funding raised since the spinout to about $455 million.
From e-bike spinout to self-driving delivery
ALSO was carved out of Rivian in March 2025 with $105 million in seed funding, and shipped its first product — the $4,500 TM-B pedal-assist e-bike Launch Edition — earlier this summer. The company also sells the TM-Q, a four-wheeled electric cargo quad that hauls more than 400 pounds and is designed to travel in bike lanes rather than traffic. The new capital will fund parallel development of several autonomous small-vehicle formats, all riding on the same software-defined EV architecture already deployed in the consumer bike and commercial quad.
“Whether a vehicle is driven or autonomous, the need to solve for congestion and cost per trip doesn't change,” said co-founder and president Chris Yu. “This is exactly why we started ALSO — to deliver well-designed, intelligent small vehicles better suited for today's urban and suburban centers.”
DoorDash and Amazon commercial pipeline
Volume for the autonomous roadmap is expected to come from ALSO's commercial customers. Amazon has agreed to purchase thousands of customized TM-Q quads for last-mile package delivery, and DoorDash signed a multi-year commercial agreement in March to co-develop and deploy self-driving delivery vehicles as part of a $200 million Series C that valued the company at $1 billion. That deal followed ALSO's earlier funding chapter with Greenoaks and put DoorDash on the cap table alongside Prysm and Eclipse.
Prysm doubles down on the Rivian playbook
Prysm Capital, an early Rivian backer, is following the same investment thesis into ALSO's smaller form factor. “We backed Rivian early because we saw the potential behind wonderfully designed, vertically integrated electric trucks, vans and SUVs,” said Prysm co-founder Jay Park. “ALSO is applying that same approach to smaller form factor vehicles to address the demands of commercial operators and consumers today.” Rivian retains a minority stake in ALSO and CEO RJ Scaringe sits on its board; Scaringe has also incubated the industrial robotics firm Mind Robotics, which closed a $400 million round in May, giving the Rivian founder two Prysm-backed spinouts pursuing physical-AI applications.
Competing for autonomous delivery airspace
ALSO's push into self-driving cargo quads lands as delivery robotics accelerates on both ground and air. Uber Eats and Zipline recently expanded their drone delivery footprint in Dallas-Fort Worth, while Amazon Prime Air announced a sixfold expansion to nearly 500 U.S. cities by year-end. ALSO's bet is that a right-sized quad in a bike lane can beat both drones and full-size vans on cost per trip once the vehicle drives itself — and that a common EV platform lets the company iterate across formats faster than any single-purpose autonomy player.
Reporting based on coverage from Business Wire, SiliconANGLE and TechCrunch.