ANN ARBOR, Mich., Jan. 26, 2022 /PRNewswire/ -- May Mobility,
a leader in the development and deployment of autonomous vehicle
(AV) technology, today announced the initial closing of its Series
C round of funding with an investment of $83
million led by Mirai Creation Fund II – a SPARX Group
Co., Ltd. managed fund that is renowned for supporting high-growth,
high-tech companies and has made 76 investments to date. New
investors include Tokio Marine and Toyota Tsusho, along with
returning investors Toyota Ventures, Millennium Technology Value
Partners, Cyrus Capital Partners, 1843 Capital, BMW i Ventures and
Bay Lake Ventures. Final closing of the financing is expected to
take place near the end of Q1 2022.
"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," said Edwin
Olson, CEO of May Mobility. "We will continue to challenge
the status quo of transit by reshaping the future of the AV
Charting Towards a Fully Autonomous Future
Mobility, driven by its class-leading 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. The
initial investment in this round of funding brings the total amount
raised by May Mobility to $166
million to date and 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.
"Automated vehicles will play a significant role in addressing
urgent social issues such as environmental problems, aging
infrastructure, and labor shortages. May Mobility is engaged in
research and deployments aimed at the implementation of automated
driving technology that can be on the road today, not someday,"
said Shuhei Abe, President of SPARX
Group Co., Ltd. "With a strong partner in Toyota Motor Corporation,
May Mobility has steadily grown its technology and business.
Through the Mirai Creation Fund II, SPARX will support the growth
of May Mobility to contribute to creating a brighter future
In addition, this round of funding will 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.
"We believe May Mobility's latest investment round, led by Mirai
Creation Fund II, is significant for the realization of autonomous
mobility as a service (Autono-MaaS*)," said Keiji Yamamoto, Operating Officer of Toyota and
President of Connected Company. "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."
"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,"
said Ryan Green, who joined May as
CFO in June 2021. "May is now poised
for international expansion through this investment
By partnering with municipalities, business districts,
educational campuses and residential areas, May Mobility solves
transportation challenges with autonomous vehicles, outperforming
traditional approaches on a wide variety of metrics by providing
first/last mile services that fill gaps in existing transportation
infrastructure. May Mobility's most recent two deployments included
Ann Arbor, Michigan, in October and Fishers, Indiana, in collaboration with Toyota Mobility
Foundation in December.
"autonomous" and "mobility as a service," describing Toyota's
mobility services using automated driving vehicles.
About May Mobility
May Mobility is a leader in
autonomous vehicle technology development and deployment. With more
than 300,000 autonomy-enabled rides to date, May Mobility is
committed to delivering safe, efficient and sustainable shuttle
solutions designed to complement today's public transportation
options. The company's ultimate goal is to realize a world where
self-driving systems make transportation more accessible and
reliable, the roads safer, and encourage better land use in order
to foster more green, vibrant, and livable spaces. For more
information, visit maymobility.com.
View original content to download
SOURCE May Mobility