ALSO, a Palo Alto-based electric mobility company, has raised $150 million in Series D funding round to accelerate the development of its small electric and autonomous vehicles.
The round was led by Prysm Capital, with participation from Eclipse, Greenoaks, and MVP Ventures. The latest financing brings ALSO’s total funding to $350 million.
The company plans to use the new capital to advance its autonomous vehicle platform and develop multiple vehicle designs for both passenger transportation and commercial deliveries.
ALSO develops small electric vehicles by combining hardware, software, batteries, motors, and computing into a vertically integrated platform. The company believes smaller, purpose-built vehicles can help reduce congestion, operating costs, and emissions in urban and suburban environments.
The company currently sells its TM-B electric bike in the United States. The Launch Edition is already shipping nationwide while pre-orders are open for the TM-B Performance and Standard models with initial deliveries expected to begin this autumn.
However, ebikes are only one part of ALSO’s larger mobility strategy. The company is also developing the TM-Q electric delivery quad and plans to use its existing vehicle architecture as the foundation for future autonomous vehicles.
ALSO is developing autonomous vehicles for both passenger and delivery applications. The company has commercial relationships with major delivery operators, including Amazon and DoorDash.
Earlier this year, DoorDash made a strategic investment in ALSO and entered into a multi-year agreement with the company to develop autonomous delivery vehicles.
ALSO was originally incubated within Rivian before becoming an independent company. Rivian founder RJ Scaringe co-founded ALSO and remains its chairman. The company is led by Co-Founder and President Chris Yu.
The latest funding follows ALSO’s $200 million Series C round, which was led by Greenoaks with participation from Prysm Capital.
With the new financing, ALSO plans to expand its autonomous vehicle development and move beyond electric bikes toward a broader mobility platform designed to transport both people and goods.
