Connect with us

News

RJ Scaringe has raised more than $12 billion across three startups and investors still want more

info

Published

on

Rj scaringe.jpeg

Investors can’t seem to get enough of RJ Scaringe or his ideas.

In less than a decade, the serial entrepreneur best known for his EV company Rivian, has raised more than $12.3 billion from venture capital firms, as well as strategic and institutional investors for his three — and counting — startups. If the latest $400 million raise for his new venture Mind Robotics is an indicator, investors are still happily piling in.

Outsized raises for newly minted startups have become more common in recent years. But those hundred-million-plus seed rounds have generally been reserved for buzzy defense tech startups or AI companies founded by former OpenAI or Anthropic employees.

Those supersized seeds certainly weren’t flowing toward something as niche as an electric micromobility startup. And yet in 2025, Scaringe raised $105 million for exactly that — a startup called Also, which he founded that same year. The total has since surpassed $300 million, with DoorDash among its backers.

Jiten Behl, partner at Eclipse and former chief growth officer at Rivian, has spent years watching and learning from Scaringe. His firm is now one of Scaringe’s biggest backers, leading rounds in both Also and Mind Robotics — Scaringe’s industrial AI and robotics startup that he also founded last year.

Storytelling and communication are one of his superpowers, according to Behl, who joined Rivian when the company had just a handful of employees.

“When RJ explains a certain issue, topic, opportunity, vision, he just has this very unique ability to communicate it so effectively, and it comes across so credible,” Behl said. “He’s not trying to undersell the difficulty or oversell the opportunity, and that’s an art.”

Scaringe isn’t the only serial entrepreneur to repeatedly attract massive amounts of capital, but founders who can raise billions across multiple ventures remain rare. A self-professed car enthusiast who earned his doctorate in mechanical engineering from MIT, Scaringe joins a small cadre of entrepreneurs that includes Tesla CEO and SpaceX co-founder Elon Musk, OpenAI CEO Sam Altman, Anduril and Oculus founder Palmer Luckey, and Jack Dorsey, who founded Square (now called Block) and Twitter.

The difference, at least in the view of some investors TechCrunch spoke to, is that he is able to separate selling the idea from selling 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 make the 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.”

Of course, there is confidence and even a little ego, the same source mused, but “it doesn’t weigh on you.” The source also added that Scaringe also has a unique ability to make you feel like the most special person in the room — a sentiment others echoed.

Giving that kind of undivided attention to an investor, supplier, or exec at a manufacturer is a challenge at the scale Scaringe is attempting. He is running three companies, often traveling between Palo Alto, Irvine, Rivian’s factory in Normal, Illinois, and a second factory soon to open in Georgia. And then there is family — Scaringe has three sons with his ex-wife.

Joe Fath, another partner at Eclipse, credits his open-mindedness and collaborative nature for helping him attract investment and juggle these connected, yet disparate businesses.

He noted that Scaringe also “has the rare combination of being a truly great engineer while also having an exceptional instinct for product design,” said Fath, who previously worked at a major Rivian backer T.Rowe Price. “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 particularly notable, and doesn’t seem to be slowing.

More than $11 billion, and by far the largest slice of VC and strategic capital, went into Rivian — most of it between 2018 and its blockbuster IPO in 2021. That’s a startling timeline especially considering the company, initially 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 revealed prototypes of its all-electric R1T truck and R1S SUV.

The money soon flowed, and from every direction. In early 2019 and just a couple of months after that reveal, Rivian raised a $700 million funding round led by Amazon. U.S. automaker Ford would invest $500 million and make plans to collaborate on a since-scrapped future EV program. Cox Automotive contributed $350 million. Rivian would close out the year with a $1.3 billion round — its fourth in 2019 — led by funds and accounts advised by T. Rowe Price Associates, with additional participation from Amazon, Ford, and funds managed by BlackRock.

In July 2020, Rivian raised $2.5 billion and another $2.65 billion six months later. As whispers of an IPO got louder, Rivian closed another $2.5 billion private funding round led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor and funds and accounts advised by T. Rowe Price Associates Inc. Third Point, Fidelity Management and Research Company, Dragoneer Investment Group and Coatue also participated.

Then the IPO came. Rivian raised nearly $12 billion in gross proceeds after locking in $78 per share. Its market cap hit $100 billion when it debuted on Nasdaq in November 2021. Today, it stands at $18.2 billion today, a significant comedown that also reflects the broader struggles of 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 land notable backers through high-profile deals like 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.”

When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Health

Nigeria partners China to expand radiotherapy capacity

info

Published

on

By

IMG 20260815 WA0020.jpg

MTN ADVERT

The Nigerian government has strengthened its partnership with China to expand cancer care through technology transfer, professional training, research and expansion of radiotherapy capacity.

The Minister of State for Health and Social Welfare, Iziaq Salako, disclosed this while delivering the opening address at the LINK Global Summit on Innovation and Practice in Oncology at the China National Convention Centre in Beijing, China.

This is according to a statement issued on Saturday and signed by Ado Bako, Assistant Director, Information and Public Relations, Federal Ministry of Health and Social Welfare.

The statement added that Nigeria also signed a strategic cooperation agreement with LinaTech, a Chinese company specialising in advanced radiation therapy solutions.

Cancer burden

Salako said cancer remained a national priority, noting that Nigeria recorded an estimated 127,763 new cancer cases and 79,542 deaths in 2022.

PT WHATSAPP CHANNEL

He said breast, prostate and cervical cancers accounted for more than 40 per cent of cancer mortality in the country.

According to the minister, Nigeria’s mortality-to-incidence ratio improved from 62.3 per cent in 2022 to 59.6 per cent in 2024, although he acknowledged that “significant work remained to be done.”

He said the government had, since May 2023, accelerated interventions across cancer prevention, awareness, early detection, treatment, financing, infrastructure, and research.

Salako cited the introduction of the Human Papillomavirus (HPV) vaccine into routine immunisation in October 2023, saying more than 14 million girls aged nine to 14 years had been reached.

He also mentioned the National Initiative for Cancer Early Detection, Screening and Coordinated Access to Network Care (NICE-SCAN), as well as initiatives of the Task Force for the Elimination of Cervical Cancer, as part of efforts to improve early detection and referral.

Nigerian govt partners China to expand radiotherapy capacity
Nigerian govt partners China to expand radiotherapy capacity

China partnership

The minister said the emerging partnership with China would provide technical assistance in radiotherapy, support joint research and development, facilitate academic exchanges, and build professional capacity.

He said Nigeria was a founding African partner of the LINK Global Oncology Alliance and had also participated in the inauguration of the Radiotherapy Working Group of the China-Africa Hospital Alliance.

Salako said Nigeria wanted the cooperation agreement to result in a joint work plan with designated focal persons and quarterly milestones.

“We want to see the twinning of our cancer centres of excellence, the National Institute for Cancer Research and Treatment(NICRAT), and our tertiary hospitals like the National Hospital, Abuja, with the Chinese cancer hospitals,” he said.

He also called for the establishment of a designated clinical training base in Nigeria to serve as a West African hub for advanced radiotherapy training.

He said Nigerian radiation oncologists, medical physicists, radiotherapy technologists and biomedical engineers should also have opportunities for fellowship training in China.

Beyond equipment

Salako said Nigeria’s long-term objective was not simply to acquire cancer equipment but to develop the technical and human capacity required to install, maintain and eventually manufacture cancer technologies locally.

“Machines without people are monuments,” he said, stressing that trained personnel, maintenance systems and sustainable technical support must back every linear accelerator installed.

He said Nigeria would also pursue technology transfer, local assembly and servicing of radiotherapy and imaging equipment, joint clinical trials, cancer registry-linked research, artificial intelligence-assisted treatment planning, adaptive radiotherapy and tele-oncology collaborations by 2030.

The minister said the government’s incentives for health manufacturing, including zero-duty and zero-VAT measures, provided an enabling environment for investment in local production and technology transfer.

Cancer treatment, research

Mr Salako said six cancer centres of excellence were being developed, with three already completed and commissioned in Katsina, Enugu and Benin.

He said the centres were equipped with modern linear accelerators, while work on the remaining three was progressing.

He also disclosed that President Bola Tinubu had approved the procurement and installation of 35 additional linear accelerators between 2026 and 2028 to expand access to radiotherapy further.

The minister said the government had also strengthened NICRAT, which had trained about 140 early-career cancer scientists and supported 24 research grants.

ALSO READ: Cancer Care: Nigeria has only eight certified radiotherapy centres – Official

He identified the National Cancer Access Programme, Catastrophic Health Insurance Scheme, National Cancer Health Fund, and Social Determinants of Cancer Care Fund as mechanisms to improve access to cancer medicines and care while alleviating the financial burden on patients and families.

Salako said the interventions were being implemented under the Nigeria National Cancer Control Plan 2026–2030, which prioritises prevention, decentralised diagnosis and treatment, financial risk protection, oncology workforce development, clinical trials and cancer registries.

He also mentioned the recent inauguration of the Blood Cancer Consortium as part of efforts to enhance coordination in the national cancer-control response.

He stated that the government aimed for the China partnership to help translate oncology innovations into tangible improvements in patient care.

“Innovation in oncology is meaningful only where it reaches the patient. Let this summit be remembered not for what was displayed, but for what was delivered. Nigeria is ready, our plan is costed, our partners are welcome, and the patients are waiting,” he said.


Discover more from Premium Times Nigeria

Subscribe to get the latest posts sent to your email.

Continue Reading

News

“Next Year Will Be Bigger and Better” — Island All Stars Unveil Super League Plans After Successful Over-45 Tournament

info

Published

on

By

WhatsApp Image 2026 08 15 at 4.49.27 PM.jpeg

The Island All Stars Sports Club International Above-45 Football Tournament has concluded on a high note, with the organisers already looking ahead to an even bigger football programme after what was described as a highly competitive inaugural two-matchday tournament.

Speaking exclusively to Sports247 after the grand finale, Dr. Ike Okorafor, Director of Sports, Island All Stars Sports Club International, expressed satisfaction with the performances of the participating teams and the overall quality of the competition.

Read Also: Dinice Royal Complete Dramatic Comeback to Win Island All Stars Over-45 Championship | Sports247 Nigeria

According to Okorafor, the tournament delivered the level of competitiveness expected from experienced players, with no team finding it easy against the other.

“The competition went well. I won’t say it exceeded our expectations as it was very competitive. No teams were pushed over,” Okorafor told Sports247.

The tournament represented a significant change from the organisers’ previous format. While Island All Stars had traditionally staged a one-day competition, this year’s edition was expanded into a two-matchday tournament, providing teams with more opportunities to compete.

Okorafor praised all the participating teams for their commitment and performances throughout the championship.

“I am really happy with all the teams’ performances. This is the premiere of the two-matchday tournament. Hitherto, we have been doing a one-day tournament. Next year, we will still make it better.”

The tournament featured competitive encounters that produced plenty of goals, dramatic moments and individual performances, culminating in Dinice Royal Investment being crowned champions after their dramatic comeback victory over Network Times.

However, rather than resting on the success of the tournament, the organisers are already preparing for their next major project.

Okorafor revealed that the Island All Stars Super League is scheduled to begin towards the end of September and continue through October and November.

“We are going to kick off our Super League September ending and will run through October and November. It will be bigger and better as we will have more teams competing,” he disclosed.

The planned Super League represents another step in the organisers’ efforts to provide regular competitive football opportunities for veteran players while strengthening the community around All Stars football.

With the successful completion of the Above-45 tournament serving as a foundation, expectations will now be high for the forthcoming league. From a one-day tournament to a two-matchday championship—and now a Super League—the Island All Stars movement is clearly gathering momentum.

Continue Reading

Trending