By Akash Sriram
March 26 (Reuters) - Micromobility startup Also said on Wednesday it has been spun-off from electric-vehicle maker Rivian Automotive RIVN.O with $105 million in Series B funding from venture capital firm Eclipse and will focus on lightweight EVs.
Also will offer small, lightweight, electrically powered vehicles to serve customers at various price points and across geographies, the company said, but did not give specific details about the products.
As demand for sustainable transportation grows, startups are increasingly focusing on small electric vehicles as a solution to congestion, affordability and increasing emissions.
The micromobility sector has been plagued by bankruptcies and financial setbacks, with companies such as Van Moof, Bird and Lime struggling due to high costs and regulatory challenges, leading to business models that failed to turn venture capital enthusiasm into profitable urban transportation solutions.
"There's not a singular form factor (physical design, shape and size) that answers all needs," Rivian CEO RJ Scaringe told Reuters.
"We've been taking the Rivian technology stack and adapting it to much smaller form factors and then coming up with some incredibly exciting embodiments of that technology in these very small form factors."
Also, which will operate independently with minority ownership from Rivian, will reveal its products later this year, Scaringe added.
Rivian has been working on micromobility products using the company's electric vehicle technology and had filed a trademark for bicycles, electric bikes and related parts in early 2022.
Also plans to expand globally with its initial flagship product in 2026 meant for the United States and Europe, followed by tailor-made electric vehicles for Asia and South America.
(Reporting by Akash Sriram in Bengaluru; Editing by Krishna Chandra Eluri)
((Akash.Sriram@thomsonreuters.com; On X as @HoodieOnVeshti; +91-99017-77617;))
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