Also, a spinout from electric vehicle manufacturer Rivian, has secured $150 million in a new funding round. The investment will be used to expand the company’s product line beyond its current offerings of pedal-assist electric bikes and commercial cargo quads, with a focus on developing autonomous delivery vehicles.
The funding round was led by Prysm Capital. According to TechCrunch, the new capital will specifically fuel Also’s expansion into the autonomous delivery vehicle market. This suggests a strategic shift towards more advanced and automated delivery solutions.
Currently, Also produces both pedal-assist electric bikes and commercial cargo quads. The company intends to leverage the $150 million to broaden its portfolio and enter the competitive autonomous delivery space.
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