Rivian Automotive Inc (NASDAQ:RIVN) shares rose 4.2% on Wednesday after its spinout Mind Robotics, an artificial intelligence-driven industrial robotics company, closed a $400 million funding round that valued the startup at $3.4 billion.
The May 2026 round was led by Kleiner Perkins and also drew participation from the venture arms of Volkswagen and Salesforce.
The raise marks a sharp increase from the $2 billion valuation Mind Robotics commanded during its Series A in March.
Mind Robotics develops AI models and specialized robots for manufacturing environments, using Rivian's own factories as a training ground for its systems.
Rivian retains a stake in the company, and CEO RJ Scaringe serves as chairman of the spinout.