Michigan-based electric vehicle startup Rivian Automotive LLC on Jan. 18 said it closed a $2.65 billion investment round led by funds and accounts advised by T. Rowe Price Associates Inc.

Fidelity Management & Research Co. LLC, Amazon.com Inc.'s Climate Pledge Fund, Coatue Management LLC and D1 Capital Partners LP, as well as several other existing and new investors, also participated in the round.

The latest investment values Rivian at about $27.6 billion, Bloomberg News reported.

Rivian has raised $8 billion since the start of 2019. In 2020, the company secured $2.5 billion from funds and accounts advised by T. Rowe Price.

Existing backers include Amazon, Cox Automotive Inc. and funds managed by BlackRock Inc. Ford Motor Co. has also invested in the company.

The automaker is set to launch its first products this year: the R1T electric pickup truck, R1S electric SUV and a fleet of last-mile commercial delivery vehicles for Amazon.