Daily Summary
Rivian has spun off a new startup called Also, which will use its EV technology to build lightweight, affordable electric vehicles for various global markets, with a planned flagship launch in the U.S. and Europe by 2026. Venture capital firms are now trimming the size of their megafunds amid a recovering tech market and an AI boom, shifting focus toward smaller startups rather than later-stage companies. This move reflects a broader industry trend toward more cautious investment after a period of easier money and regulatory pressures.
Venture Capital Firms Scale Back Megafunds Amid AI Boom
Venture capital firms are reportedly trimming their megafunds as they adjust their strategies in response to sustained AI-driven growth and evolving market conditions.
Rivian Spin-Off Also to Launch Lightweight Electric Vehicles
Rivian’s new startup, Also, has raised $105 million to develop lightweight electric vehicles, with plans to launch its flagship product in the U.S. and Europe by 2026, expanding globally thereafter.