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A Rivian-born startup is proving it can chart its own course — and investors just backed that bet with real money. ALSO, the small electric vehicle maker that first took shape inside Rivian's walls, announced Wednesday it has raised $150 million in fresh financing, a signal that the market sees real promise in vehicles built smaller, smarter and more nimble than the typical car.

Who's Backing the Bet

The Series D round was led by Prysm Capital, with additional participation from Eclipse, Greenoaks and MVP Ventures, according to a statement released Wednesday. That kind of lineup — a mix of growth-stage investors doubling down alongside newer names joining the table — often signals confidence that a company's early traction is about to scale into something bigger.

What ALSO Actually Builds

Based in Palo Alto, California, ALSO occupies a niche the auto industry has largely overlooked: vehicles smaller than a standard car, like bikes and quads, engineered to handle both human-driven and fully autonomous use cases. The company is already shipping its TM-B Launch Edition electric bike to customers across the U.S., and it recently opened preorder and configuration access for two additional models — the TM-B Performance and Standard — with initial deliveries slated to begin this fall.

The Founder's Vision

ALSO co-founder and President Chris Yu framed the company's mission around a problem that doesn't disappear just because a vehicle changes size. "Whether a vehicle is driven or autonomous, the need to solve for congestion and cost per trip doesn't change. This is exactly why we started ALSO — to deliver well-designed, intelligent small vehicles better suited for today's urban and suburban centers," Yu said in the statement. He added that he's "thrilled by the incredible support of our partners" and the company's ability to fast-track development of its autonomous vehicle platform.

Where the Money Is Going

According to the statement, the fresh Series D capital will primarily accelerate development of ALSO's autonomous vehicle platform, with funding directed toward advancing multiple autonomous form factors designed to move both goods and passengers through crowded urban environments — essentially betting that the future of city transportation looks less like a traditional car and more like a fleet of nimble, purpose-built vehicles.

Building on Momentum From Earlier This Year

This isn't ALSO's first big funding milestone. The company closed a Series C round earlier this year, led by Greenoaks with participation from Prysm Capital, and notably included an investment from food delivery giant DoorDash. That round came paired with a multiyear commercial agreement between ALSO and DoorDash to jointly develop and deploy autonomous delivery vehicles — a partnership that hints at where some of ALSO's autonomous technology may ultimately find its first widespread commercial use.

A Familiar Investment Thesis, Applied to a New Scale

Prysm Capital co-founder and managing partner Jay Park drew a direct line between this investment and the firm's earlier bet on Rivian itself. "We backed Rivian early because we saw the potential behind wonderfully designed, vertically integrated electric trucks, vans and SUVs," Park said in the statement. "ALSO is applying that same approach to smaller-form-factor vehicles to address the demands of commercial operators and consumers today" — essentially framing ALSO as Rivian's design philosophy, scaled down but not diminished.

Details Still Emerging

Counsel information for the funding round was not immediately available Wednesday, and a representative for ALSO did not immediately respond to a request for additional information.