May Mobility, a leader in the development and deployment of autonomous vehicle (AV) technology, has announced the initial closing of its Series C round of funding with an investment of $83 million. New investors include Tokio Marine and Toyota Tsusho, along with returning investors including Toyota Ventures, BMW i Ventures and Bay Lake Ventures.
The initial investment in this round of funding brings the total amount raised by Michigan-based May Mobility to $166 million to date.
The funding is set to help the company increase its engineering headcount, expand its global customer pool, enhance rider experiences and further invest in technology advancements, including driver-out operations in 2023.
May Mobility, driven by its proprietary Multi-Policy Decision Making (MPDM) autonomous driving technology, has provided more than 300,000 revenue-generating rides and launched services in nine cities, including their first international deployment in Higashihiroshima, Japan.
This round of funding will also enable May Mobility to continue its partnership with Toyota, working on future platforms and future public deployments of the Toyota Sienna Autono-MaaS equipped with May’s autonomous driving kit by 2023.
Edwin Olson, CEO of May Mobility, says: “With this initial Series C funding, our latest group of global strategic investment partners will enable us to rapidly deploy our technology on Toyota’s autonomous-ready platforms, including the Sienna Autono-MaaS. We will continue to challenge the status quo of transit by reshaping the future of the AV industry.”
“Our team is excited by this renewed commitment of existing investors, in addition to our new investment partners, to help solve the many challenges in bringing to life a safer, greener, more accessible world through autonomous mobility to communities,” adds Ryan Green, CFO of May Mobility. “May is now poised for international expansion through this investment funding.”
Keiji Yamamoto, Operating Officer of Toyota and President of Connected Company, comments: “Through our collaboration with May Mobility, including the Sienna Autono-MaaS vehicle, Toyota continues to accelerate the implementation of Autono-MaaS as a platform to achieve our common dream: Mobility for All.”
May Mobility’s most recent two deployments included Ann Arbor, Michigan, in October and Fishers, Indiana, in collaboration with Toyota Mobility Foundation in December.
Keyword: May Mobility Raises $83 Mn to Accelerate Development of Autonomous Mobility Services