Rivian micromobility spinout Also has closed a $150m series D financing round to accelerate development of its autonomous vehicle platform.

The company described the funding round as “a vote of confidence” in its product and technology roadmap, its execution, and its commercial partnerships with operators such as Amazon and DoorDash.

The capital will be used to accelerate development of its autonomous vehicle platform, letting it push forward multiple autonomous form factors at once for moving both goods and people through urban environments. These vehicles will build on the same EV architecture it has already developed for the TM-B consumer electric bike and TM-Q commercial electric delivery quad.

“Whether a vehicle is driven or autonomous, the need to solve for congestion and cost per trip doesn’t change,” said Chris Yu, president of California-based Also (ridealso.com). “This is exactly why we started Also, to deliver well designed, intelligent small vehicles better suited for today’s urban and suburban centres. I am thrilled by the incredible support of our partners and our ability to fast track the development of our autonomous vehicle platform.”

The TM-B Launch Edition e-bike has started shipping to customers across the USA. The company has also opened pre-order and configuration access for the TM-B Performance and Standard models, with initial deliveries beginning this autumn.

The round was led by Prysm Capital, with participation from Eclipse Capital, Greenoaks and MVP Ventures. This round follows its $200m series C financing, closed earlier this year and led by Greenoaks, with participation from Prysm Capital and an investment from DoorDash. Alongside that round, Also and DoorDash entered a multi-year commercial agreement to develop and deploy autonomous delivery vehicles collaboratively at scale.

“We backed Rivian early because we saw the potential behind wonderfully designed, vertically integrated electric trucks, vans and SUVs,” said Jay Park, managing partner at Prysm Capital (www.prysmcapital.com). “Also is applying that same approach to smaller form factor vehicles to address the demands of commercial operators and consumers today. We’re thrilled to partner with RJ, Chris and their world-class team, especially now as Also accelerates into autonomous applications.”