Also, a micromobility company linked to Irvine-based electric vehicle maker Rivian, has reached a valuation of $1 billion, Bloomberg reported on Tuesday, citing people familiar with the matter.
The post-money valuation figures come after San Francisco-based Greenoaks Capital invested $200 million into the business.
The Irvine-based EV maker, led by CEO RJ Scaringe, revealed in late March that it has been developing fully electric lightweight vehicles, to be run through a separate company called Also Inc.
Also launched with $105 million in funding from Rivian and venture capital firm Eclipse.
As of March, the team included about 70 employees with backgrounds at Apple, Google, Tesla, and Uber.
The company “will initially focus on the U.S. and Europe before expanding globally.” It is set to launch its flagship product “in early 2026,” according to its website.
Rivian‘s CEO said it will be a compact electric vehicle with one seat, two wheels, a screen, computers and a battery.
“We’ve been taking the Rivian technology stack and adapting it to much smaller form factors and then coming up with some incredibly exciting embodiments of that technology,” Scaringe told Reuters.
The company has previously said that its technology platform will be applicable to e-bikes and three- and four-wheel vehicles, like microcars.
In late May, the company posted on its website that it has inherited capabilities “across hardware and software” from their “friends at Rivian,” which include zonal architecture, in-house motors, power electronics and custom vehicle software.
Under Rivian, the Also team, previously called Project Inder, worked on an e-bike, which was set to be designed by former Apple chief designer Jon Ives, through his company LoveFrom.
According to TechCrunch, Rivian and LoveFrom teams collaborated on the EV maker’s first bike for about 18 months, under the leadership of Chris Yu — Rivian’s former VP of Future Programs and now President of Also.
The collaboration allegedly ended in late 2024.
Rivian reported second quarter deliveries of 10,661 units, a 22.7% drop year over year.
Production figures also fell in the second quarter, as the company prepares to accommodate manufacturing of its more affordable R2 SUV — set to start from $45,000.
