Rivian Automotive-backed (RIVN) compact electric vehicle startup Also has reached a $1 billion valuation, Bloomberg reported Tuesday, citing sources with knowledge of the matter.

Also received a $200 million investment from Greenoaks Capital, the media outlet reported, and the $1 billion valuation is based on a post-money estimate following the new funding round.

Also was spun out of Rivian earlier this year with $105 million in funding from the automaker and venture capital firm Eclipse.

Rivian, Also, Greenoaks, and Eclipse did not immediately respond to requests for a comment from MT Newswires.

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