EV Maker RJ Scaringe Raises $12B Across 3 Startups, Investors Eager for More

Investors simply cannot get enough of RJ Scaringe or the ventures he creates.

Over the past eight years, the serial entrepreneur best known for founding electric vehicle maker Rivian has raised more than $12.3 billion across three startups from venture capital firms, strategic partners, and institutional investors. The latest proof? His new industrial AI and robotics company, Mind Robotics, just secured $400 million , and investors are still eager to write checks.

Massive seed rounds for newly formed startups have become more common recently, but those nine-figure raises have typically gone to high-profile defense tech companies or AI firms founded by alumni of OpenAI or Anthropic. They were rarely directed at something as specialized as an electric micromobility startup. Yet in 2025, Scaringe raised $105 million for exactly that: a company called Also, which he founded the same year. That total has since climbed past $300 million, with DoorDash among its backers.

Jiten Behl, a partner at Eclipse and former chief growth officer at Rivian, has watched Scaringe closely for years. Eclipse is now one of his largest supporters, leading rounds in both Also and Mind Robotics , Scaringe’s industrial AI and robotics startup, also founded last year.

“Storytelling and communication are one of his superpowers,” said Behl, who joined Rivian when it had only a handful of employees. “When RJ explains a certain issue, topic, opportunity, or vision, he has this very unique ability to communicate it so effectively, and it comes across so credible. He’s not trying to undersell the difficulty or oversell the opportunity, and that’s an art.”

Scaringe is not the only serial founder to repeatedly attract enormous sums of capital, but those who can raise billions across multiple ventures remain rare. A self-described car enthusiast with a doctorate in mechanical engineering from MIT, he joins a small group that includes Tesla CEO Elon Musk, OpenAI CEO Sam Altman, Anduril and Oculus founder Palmer Luckey, and Jack Dorsey, who founded Square (now Block) and Twitter.

What sets Scaringe apart, according to several investors who spoke with TechCrunch, is his ability to separate the idea from himself. “He is very comfortable and confident in his own personality, and he’s not trying to be an Elon,” Behl said, noting that many have tried to draw that comparison over the years.

“It’s not about him,” another insider familiar with Scaringe’s companies told TechCrunch. “When you talk to him, he has enthusiasm about the product that is completely external.” The source acknowledged there is confidence and even a little ego, but “it doesn’t weigh on you.” They added that Scaringe has a rare ability to make you feel like the most important person in the room , a sentiment echoed by others.

Offering that kind of undivided attention to investors, suppliers, or manufacturing executives is a challenge at the scale Scaringe is pursuing. He is currently running three companies, often traveling between Palo Alto, Irvine, Rivian’s factory in Normal, Illinois, and a second facility soon to open in Georgia. And then there is family , Scaringe has three sons with his ex-wife.

Joe Fath, another Eclipse partner, credits Scaringe’s open-mindedness and collaborative nature for helping him attract investment and manage these connected yet distinct businesses. Fath, who previously worked at major Rivian backer T. Rowe Price, noted that Scaringe “has the rare combination of being a truly great engineer while also having an exceptional instinct for product design. Very few founders can operate at that level technically while also understanding what resonates emotionally with customers , both consumers and commercial buyers. That combination is incredibly uncommon and has clearly been part of what makes Rivian’s products, and now Also and Mind’s, so differentiated.”

The pace of Scaringe’s fundraising over the past eight years is especially striking, and it shows no signs of slowing.

More than $11 billion , by far the largest portion of VC and strategic capital , went into Rivian, most of it between 2018 and its blockbuster IPO in 2021. That timeline is remarkable, especially since the company, originally called Mainstream Motors, had existed since 2009. For years, Rivian operated as a small, unknown entity until its breakout moment in late 2018 at the Los Angeles Auto Show, when it unveiled prototypes of its all-electric R1T truck and R1S SUV.

The money soon poured in from every direction. In early 2019, just months after that reveal, Rivian raised a $700 million round led by Amazon. Ford invested $500 million and planned to collaborate on a future EV program that was later scrapped. Cox Automotive contributed $350 million. Rivian closed out the year with a $1.3 billion round , its fourth in 2019 , led by funds and accounts advised by T. Rowe Price, with additional participation from Amazon, Ford, and funds managed by BlackRock.

In July 2020, Rivian raised $2.5 billion, followed by another $2.65 billion six months later. As whispers of an IPO grew louder, Rivian closed a final $2.5 billion private round led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford, and T. Rowe Price. Third Point, Fidelity Management and Research Company, Dragoneer Investment Group, and Coatue also joined.

Then came the IPO. Rivian raised nearly $12 billion in gross proceeds after pricing shares at $78 each. Its market cap hit $100 billion when it debuted on the Nasdaq in November 2021. Today, it stands at $18.2 billion , a significant decline that reflects broader struggles across the EV sector.

The ability to raise that much capital despite those headwinds is exceptional. But Scaringe didn’t stop with Rivian. If anything, the pace has accelerated. Also and Mind Robotics have together raised more than $1.3 billion so far, with Mind Robotics moving especially fast: $115 million in its first year, $500 million in March, and another $400 million just this week.

Rivian also continues to attract notable backers through high-profile deals, including the $5.8 billion joint venture with Volkswagen Group and a robotaxi partnership valued at up to $1.25 billion with Uber.

“Now, the big question is, how much can he do?” Behl said. “That’s a question that already assumes that he’s reaching his limit. The thing is, he doesn’t look at it that way. His perspective is that there is huge value to be created, there is huge impact to be created, and I just have to do it.”