Rivian spinoff focused on small EVs now valued at $1 billion

A micromobility giant is born

Also Inc. is a brand-new name in small electric vehicles, but it’s already worth $1 billion. The company began inside Rivian as a quiet idea called Project Inder.

It now stands on its own with major funding and big plans. Investors believe this new brand could change how people move around cities.

Backed by big money

In July, Also Inc. raised a massive $200 million from Greenoaks Capital. This came after $105 million from Eclipse Ventures earlier this year.

That brings its total to $305 million before launching any product. Investors see huge potential in Also’s mission to make smart, small electric vehicles. With this funding, the company now carries a $1 billion valuation, placing it firmly among the elite group of “unicorn” startups.

Born inside Rivian’s labs

Also Inc. began its life as a secret project inside Rivian in 2022. Back then, it was called Project Inder and focused on designing an e-bike.

Rivian saw a chance to apply its EV know-how to smaller, urban vehicles. That idea grew, pulling in top talent and support. Eventually, the company outgrew its shell and stepped into the spotlight, ready to tackle the fast-changing world of micromobility on its own.

A spin-off with purpose

Earlier this year, Rivian officially spun off the project into its own company. While Rivian still owns a piece of Also Inc., the split lets each team stay focused.

Rivian continues making electric trucks and SUVs, while Also Inc. zeroes in on smaller vehicles. The spinoff also gives freedom to innovate faster. It’s a smart move that allows Rivian to expand its reach without straying from its core business of big EVs.

An eye on E-Bikes and more

Also Inc.’s future isn’t limited to just one kind of electric vehicle. The company plans to roll out a full line of micromobility products.

That includes e-bikes, three-wheelers, micro-cars, and neighborhood vehicles; each product will aim to replace car trips that are short and unnecessary. These designs are meant to be efficient, fun, and stylish.

The magic of great design

Also Inc. teamed up with Jony Ive’s design firm LoveFrom, bringing star power to the table. Ive, known for crafting Apple’s iconic products, adds serious design credibility.

The goal is to make small EVs that are beautiful, smart, and easy to use. If Also Inc. succeeds, its vehicles may feel more like must-have tech gadgets than traditional bikes or scooters, attracting a new wave of urban riders.

Cleaner air, shorter trips

Transportation is the largest source of greenhouse gas emissions in the U.S. Most of that pollution comes from personal car use, especially for short trips.

E-bikes offer a cleaner option for trips under five miles, but only 35% of those car trips are currently replaced. Also sees this gap as a big opportunity to help people switch to greener, more efficient travel with thoughtfully designed small EVs.

Riding the micromobility wave

Micromobility, once seen as a risky market, is gaining steam again. Experts predict it will grow by $28.3 billion between 2025 and 2029.

This strong comeback is driven by better tech, rising gas prices, and more eco-conscious choices. Also is stepping into the spotlight at just the right moment, with bold plans and solid funding behind its micromobility vision.

Trusted by top investors

Greenoaks Capital and Eclipse Ventures are big names in tech investing. Their early support of Also Inc. sends a powerful message to the market.

Usually, startups need working products to gain trust, but Also Inc. earned confidence with just its team, vision, and connections. That level of belief shows how much potential investors see in its smart, small electric vehicles.

Palo Alto headquarters

Also Inc. is based in Palo Alto, California, right in the heart of Silicon Valley. This location puts the company close to top tech talent and forward-thinking investors.

The team started with around 80 employees, many of whom have backgrounds in design, software, and EVs. It’s a small but mighty group focused on creating smart vehicles for the next generation of city travel.

Going global, starting local

Also Inc.’s first product is expected to launch in 2026, starting with the U.S. and Europe. These regions already show strong interest in light electric vehicles for city travel.

After that, the company plans to expand into Asia and South America, where micromobility is growing fast. With flexible designs and global appeal, Also Inc. is positioning itself as a major player in a truly international market.

A quiet power move by Rivian

Rivian hasn’t said much about Also since the spin-off, but it still owns a minority stake. That shows the automaker believes in the startup’s long-term potential.

Rivian continues to grow its main EV line while keeping one foot in the micromobility door. This quiet support lets Also explore new territory without disrupting Rivian’s focus on larger electric vehicles.

Smart products, smart strategy

Also Inc.’s approach goes beyond building a single product; it’s building a full platform. The idea is to share technology like software, batteries, and electronics across all vehicle types.

That makes it easier to grow fast and offer different models with shared parts. It’s a strategy that could cut costs, speed up development, and make maintenance simpler for users.

Solving the policy puzzle

Policy challenges are a real hurdle for micromobility companies in the U.S. There’s no one-size-fits-all law, so rules change from city to city.

Also must work closely with local governments to bring its vehicles to the streets legally and safely. That takes extra time and planning, but it could build strong community ties and open up more doors in the long run.

Rivian stock drops on sales decline, and the stakes are high for the rest of 2025. Stay tuned to see how Also might help shift the story.

Cities want smaller rides

Urban areas are packed with traffic, noise, and pollution, and cities are looking for smarter solutions. Lightweight EVs like the ones it also plans to build are perfect for these challenges.

They save space, reduce emissions, and make commuting easier. As more cities welcome smaller electric vehicles, Also’s product lineup could quickly become part of the new urban lifestyle.

How Rivian made the R2 cheaper without losing its edge is part of the bigger picture. Follow the journey to see how small EVs could change everything.

Want to see how startups like Also and giants like Rivian are reshaping the EV world? Stick with us—we’re tracking every twist.

Read more from this brand:

• Rivian Lands Major $1 Billion Deal With Volkswagen
• Rivian R1T Battles Toyota Tacoma in Off-Road Test
• Charging Infrastructure Expansion In The US

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This slideshow was made with AI assistance and human editing.