Rivian spinoff making small EVs valued at US$1bil

LOS ANGELES: A Rivian Automotive Inc.-backed startup developing small electric vehicles was valued at $1 billion in a new investment from Greenoaks Capital, according to people familiar with the matter.

The venture firm put $200 million into the business, known as Also Inc., at a $1 billion post-money valuation, said the people, who asked not to be identified discussing nonpublic details.

Also was spun out of Rivian earlier this year with $105 million in funding from the automaker, which retained a minority stake, and venture capital firm Eclipse.

Unlike Rivian, which builds full-size EVs for the consumer market, Also dubs itself as a "micromobility" company developing smaller vehicles for short trips.

Representatives of Rivian, Also, Eclipse and Greenoaks didn't immediately respond to requests for comment.

While Also hasn't revealed details of the vehicles it will roll out, the company has said its technology platform will be applicable to e-bikes as well as three- and four-wheel products, including neighborhood EVs and micro cars.