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Electric vehicle company Rivian Automotive (NASDAQ:RIVN) announced third-quarter financial results Tuesday along with an update on upcoming vehicles. The company also announced the spinoff of a new robotics company.
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After spinning off micromobility assets into a company called ALSO, Rivian formed Mind Robotics, aimed at the industrial segment.
"We have been able to identify additional areas of value to accelerate our mission on a wider scale while maintaining Rivian's focus," the company said Tuesday.
Rivian said it set up Mind Robotics in November, while securing $110 million in external seed capital for the company.
"We believe there are synergies shared between the development of autonomous driving and physical AI."
The company said Mind Robotics can support the industrial sector with "AI-enabled robotics."
"Mind Robotics will focus on the advancement of industrial AI to reshape how physical world businesses operate and leverage Rivian operations data as the foundation for a robotics data flywheel."
Rivian CEO RJ Scaringe, who will serve as Chairman of the Mind Robotics board of directors, discussed Mind Robotics details during the company's earnings call, as shared by TechCrunch.
"As much as we've seen AI shift how we operate and run our businesses through the wide-ranging applications for LLMs, the potential for AI to really shift how we think about operating in the physical world is, in some ways, unimaginably large," Scaringe said.
Scaringe said the company will design and develop AI robots focused on industrial applications.
Venture Capital firm Eclipse led the $115 million seed round, according to TechCrunch, citing a LinkedIn post from Eclipse partner Jiten Behl, a former Rivian employee.
Read Also: Is This Rivian’s Billion-Dollar Spinoff Also Inc.’s Upcoming Electric Bike?
Rivian previously spun off its micromobility segment into a company called Also Inc. The company includes segments like e-bikes and short-trip electric vehicles.
"This started with the launch of our micromobility business Also, developing a vertically integrated platform to enable a portfolio of exciting, micromobility EVs," the company said Tuesday.
Also launched its first line of products in October, which includes an electric bike for consumers and an electric quadricycle for commercial customers.
Eclipse also helped fund that company, along with funding from Greenoaks Capital.
Rivian said it maintains a 40.6% minority interest in Also. The company did not share what percentage of Mind Robotics it currently owns.
Rivian shares are up 11.4% to $13.92 on Wednesday versus a 52-week trading range of $9.50 to $17.14. Rivian shares are up 5.1% year-to-date in 2025.
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