Source: Pitchbook. Analysis by Beacon Economics
  • Transportation and Mobility’s performance in 2021 was driven by very sizeable investments in the electric vehicle manufacturer, Rivian. The amount of VC investment in Rivian in 2021 (which totaled more than $5 billion) was five times greater than the total amount of VC investment in the state’s entire Transportation and Mobility segment in 2022, and 17 times greater than the largest investment made in a Transportation and Mobility company in 2022 (a $305 million investment made to Turntide). The drop in Transportation and Mobility Investment in 2022 was such that it was replaced by the clean tech segment, Energy Transition, as the largest recipient of Clean Tech VC investment in the state. For the first time in five years, Transportation and Mobility was not the largest recipient of clean tech investment funds in California.