Electric mobility innovator ALSO has announced the successful closure of a $150 million Series D financing round, a significant step in its mission to develop autonomous vehicles. The investment was spearheaded by Prysm Capital and saw participation from notable firms including Eclipse Capital, Greenoaks, and MVP Ventures. This capital infusion is a strong vote of confidence in ALSO's product roadmap, execution, and key commercial partnerships with industry giants like Amazon and DoorDash.
Strategic Investment for Autonomous Expansion
The new capital is designated to accelerate the development of ALSO's versatile autonomous vehicle platform, targeting complex urban environments. The company intends to push forward multiple autonomous form factors at once, catering to the movement of both goods and people. These next-generation vehicles will be built upon the same sophisticated EV architecture that powers its existing TM-B consumer e-bike and TM-Q commercial delivery quad.
Building on Previous Success and Partnerships
This latest funding achievement follows a substantial $200 million Series C round closed earlier this year, which was led by Greenoaks. That round was notable for including a strategic investment from DoorDash, which formalized a crucial multi-year commercial agreement between the two companies. This ongoing collaboration is focused on the joint development and large-scale deployment of specialized autonomous delivery vehicles to enhance logistics networks.
A Vision for Urban Mobility
Co-founder and president Chris Yu emphasized that the company's fundamental goal is to solve persistent urban challenges like congestion and high per-trip costs. This objective remains constant whether a vehicle is human-driven or fully autonomous, guiding the design of intelligent, compact mobility solutions. He stated that ALSO was created specifically to deliver vehicles better suited for the unique demands of today's dense urban and suburban centers.
Investor Confidence and Market Validation
Jay Park, Co-Founder and Managing Partner at Prysm Capital, drew parallels between ALSO's strategy and Rivian's early success with vertically integrated electric vehicles. He noted that ALSO is applying a similar focused approach to smaller form factor vehicles to meet the pressing demands of modern operators and consumers. Park expressed his firm's excitement in partnering with the world-class team as ALSO expands decisively into autonomous applications.
Product Milestones and Future Outlook
While pursuing its long-term autonomous goals, ALSO is making tangible progress with its current product offerings, demonstrating its ability to execute. The company recently began shipping its highly anticipated TM-B Launch Edition e-bike to customers throughout the United States. To build on this momentum, pre-order and configuration access has been opened for the TM-B Performance and Standard models, with deliveries slated for this fall.
The successful closure of its $150 million Series D round represents a critical milestone for ALSO, equipping it with the resources to redefine urban mobility. This substantial investment not only validates the company's existing technology and market strategy but also significantly accelerates its path toward a future with autonomous systems. With robust financial backing and powerful strategic alliances, ALSO is strongly positioned to realize its vision of cities with less congestion, lower costs, and reduced emissions.