American automotive manufacturer Rivian has spun out a micro-mobility business, dubbed ‘Also’, with $105 million in series B funding.
The start-up will reportedly focus on developing lightweight electric vehicles from a team of people hailing from the likes of Apple, Google, Specialized, Tesla, REI Co-Op, and Uber.
Rivian Founder and CEO, RJ Scaringe, said:
“For the world to fully transition to electrified transportation, a range of vehicle types and form factors will be needed. I am extremely excited about the innovations developed by the Also team that will underpin a range of highly compelling micromobility products that will help define new categories.”
Rivian started the micromobility program several years ago with the goal to examine how Rivian’s expertise in software, electronics and electric propulsion could be applied to create an advantaged cost structure and greatly enhanced product relative to currently available offerings.
Rivian retains a substantial minority ownership stake in Also and expects opportunities for future collaboration, which may include selectively using some of Rivian’s retail footprint.
In connection with the spin-off, Also secured a $105 million investment from the venture capital fund, Eclipse Ventures, which will support Also’s next phase of growth. Rivian Founder and CEO RJ Scaringe will serve on Also’s Board of Directors as its Chairman.
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