Also, the electric bike and transportation startup originally incubated within Rivian Automotive Inc., has officially reached a significant milestone. The Palo Alto, California-based company achieved a $1 billion valuation following a substantial new funding round.

Major Funding Round and Investor Backing

The recent financing initiative successfully brought in $200 million for Also. This investment round was spearheaded by existing investor Greenoaks Capital.

Other notable participants in the funding included Prysm and DoorDash, as the company is set to formally announce on Tuesday. Also President Chris Yu emphasized the importance of this capital injection in an interview.

Executing the Vision

According to Yu, securing this funding was crucial for ensuring the company is "well capitalized to execute." Also initially launched with $105 million in backing from Rivian and the venture firm Eclipse.

The company specializes in micromobility solutions, developing small electric vehicles. These include a premium e-bike intended for consumers and a four-wheeled variant designed for commercial applications, such as deliveries.

Strategic Partnership with DoorDash for Autonomous Delivery

Alongside securing the new investment, Also has formalized a multiyear partnership with DoorDash Inc. This collaboration is specifically aimed at developing and implementing autonomous last-mile delivery solutions.

As part of this agreement, DoorDash co-founder and the head of its research lab, Stanley Tang, will join Also’s board as an observer. Yu acknowledged the complexity of achieving full autonomy in certain environments.

Navigating Unsolved Autonomy Challenges

Yu pointed out that autonomy in specific settings remains largely unsolved, highlighting areas like bike lanes, curbs, and road shoulders as challenging for computer navigation systems. Despite these hurdles, delivery companies are actively racing to test unmanned drop-off methods.

DoorDash is increasing its investment in new products and artificial intelligence. This includes its in-house robot, Dot, designed for sidewalk and suburban use. DoorDash also maintains partnerships with other autonomous firms like Serve Robotics, Coco Robotics, and Alphabet Inc.’s Wing drone unit.

Also's Unique Vehicle Technology

Also’s current product line features innovative pedal-by-wire drive systems, notably lacking traditional mechanical gears. On both the two-wheeled bike and the quad version, the act of pedaling powers a generator that charges the battery.

Software controls the torque and speed of the vehicle. Yu explained that the autonomous work being conducted with DoorDash will utilize this underlying technology. He noted, "If you take out the pedal system, what’s left is more or less a really optimized, light, relatively low-speed EV platform."

The company's two-wheeled e-bike, designated TM-B, has successfully completed manufacturing validation. Also anticipates beginning deliveries of the TM-B to its initial customers by late spring.