January 26, 2022
May Mobility, which develops and deploys autonomous vehicle (AV) technology, has announced the initial closing of its Series C funding round, with an $83 million investment led by Mirai Creation Fund II. Final closing of the financing is expected to take place near the end of Q1 2022, the company said.
Led by its proprietary Multi-Policy Decision Making (MPDM) autonomous driving technology, May Mobility has provided more than 300,000 revenue-generating rides and launched services across nine cities, including an international deployment in Higashihiroshima, Japan. The new funding brings the total amount raised by May Mobility to $166 million, and the company said it will use the funds to increase its engineering headcount, expand its global customer pool, enhance rider experiences and further invest in technology advancements, including driver-out operations in 2023.
“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 industry.”
New investors include Tokio Marine and Toyota Tshusho, along with returning investors Toyota Ventures, Millennium Technology Value Partners, Cyrus Capital Partners, 1843 Capital, BMW iVentures and Bay Lake Ventures.
The funding round will also enable May Mobility to continue its partnership with Toyota, working on future platforms and future public deployments of the Sienna Autono-MaaS equipped with the autonomous driving kit by 2023.
The company said that by partnering with municipalities, business districts, educational campuses and residential areas, it is aiming to solve transportation challenges with autonomous vehicles, outperforming traditional approaches on several metrics by providing first-and-last-mile services that fill gaps in existing transportation infrastructure. Two of the most recent deployments include services in Ann Arbor, Mich., and Fishers, Indiana.
For more details on the company and its technologies, visit the May Mobility website here.