Amazon-backed EV Company Rivian Announces of $2.65 Billion Funding
Connected electric platform Rivian has closed an investment round of $2.65 billion, taking its total funding to over $10 billion. Founded in 2009, the electric automotive manufacturer announced its latest funding round was led by funds and accounts advised by T. Rowe Price Associates, Inc, and also included Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners as well as several other existing and new investors.
At the time of this announcement, Rivian Founder and CEO RJ Scaringe said, “This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles. The support and confidence of our investors enables us to remain focused on these launches while simultaneously scaling our business for our next stage of growth.”
Joe Fath, T. Rowe Price portfolio manager added, “We have been eagerly anticipating the arrival of 2021, and with it, the exhilaration of Rivian starting to deliver its revolutionary products to customers. It is invigorating for us to continue our journey with such a talented, mission-driven team building a robust organization for the long term.”
Since 2019, the company has raised $8 billion. In February, Rivian announced a $700 million funding round led by Amazon. In the same year, in April, Rivian announced that Ford Motor Company invested $500 million and that the companies would collaborate on a future program. In December 2019, Rivian closed an investment round of $1.3 billion.
What Rivian Offers?
Rivian had launched its highly ambitious Electric Adventure Vehicles (EAV) in 2018.
These are the R1T, an all-electric pickup and the R1S, an all-electric SUV. Both EAVs highlight the company’s impressive product development strategy, allowing it to expand the EV market with reimagined concept-based pickup and SUVs.
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The foundation of the R1T and R1S is Rivian’s skateboard platform.
The skateboard system consists of efficient battery pack, drive units, suspension, braking and thermal system all below the height of the wheel, leaving the space above for occupants and their gear. In addition to its super-dynamic design and storage space, the EAVs also feature high-end Connectivity and Digital Experience capabilities. These capabilities are powered by high-speed Ethernet backbone that enables robust security, extending beyond the cloud ecosystem and mobile/web applications.
Rivian is marching ahead in the EV segment with superlative technologies, enabling the world of commerce with specialized mobility solutions for the next-gen movement.
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