Rivian, an automotive technology startup that develops products and services to advance the shift to sustainable mobility, announced that it has raised an additional $2.5 billion in funding from accounts advised by investment firm T Rowe Price.
Other investors that took part in the current investment include Soros Fund Management, Coatue, Fidelity Management and Research, and Baron Capital Group. Existing investors Amazon and hedge fund BlackRock also took part in this round, Rivian said.
Earlier in 2019, US automaker Ford Motor invested $500 million into Rivian, and said the companies would work jointly to develop electric vehicles. That deal was in addition to a $700 million investment from Amazon that was announced in February 2019.
Commenting on the investment, RJ Scaringe, Founder and CEO, Rivian said, “We are focussed on the launch of our R1T, R1S, and Amazon delivery vehicles. With all three launches occurring in 2021, our teams are working hard to ensure our vehicles, supply chain, and production systems are ready for a robust production ramp up. We are grateful for the strong investor support that helps enable us to focus on execution of our products.”
Founded in 2009, the startup develops vehicles, products, and services related to sustainable transportation. Rivian has developed and vertically integrated a connected electric platform that can be flexibly applied to a range of applications, including the startup’s adventure products, as well as B2B products, such as the Amazon last-mile delivery vans.
Backed by strong investors and driven by a team of passionate innovators, Rivian is creating solutions that redefine traditional automotive economics and remove the pain points of conventional ownership. Most of Rivian’s operations are in San Jose and Irvine, California, but it also has a large engineering and administrative office near Detroit. The startup employs about 2,300 people.
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