Also’s $3,500 e-bike is a $1 billion Trojan horse for autonomous transportation

Chris Yu will tell you his micromobility company, Also, is much more than an e-bike maker. Its market is every vehicle smaller than a car. 

On Wednesday, the Palo Alto based startup raised a $150 million Series D funding round, Fortune learned exclusively, led by Prysm Capital. Eclipse Capital and Greenoaks also participated. The round pushed the two-year-old startup’s valuation past $1 billion, a big number for a company whose most visible product, so far, is a $3,500 e-bike. 

But what Also actually makes is a small-vehicle technology platform alongside in-house motors, batteries, compute, and software. While the first iteration is in the form of a bike, Also’s technology is designed to be dropped into anything smaller than a car that moves people or goods, such as pedal-assist delivery quads and (eventually) fully autonomous vehicles.

The company spun out of Rivian in early 2025 after running as a stealth project inside the EV maker. Rivian founder RJ Scaringe co-founded the company and has stayed on as chairman of both. The money has moved fast since: $105 million in funding at spinout, a $200 million Series C earlier this year led by........

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