July 12, 2022
Michigan-based May Mobility, which develops and deploys autonomous vehicles, has announced raising $111 million in a Series C round of funding. The company said it plans to continue its deployment programs using the Toyota Sienna Autono-MaaS vehicle platform, while also beginning development of a new vehicle design centered around mobility, Toyota’s e-Pallet, as it seeks new ways to bring equitable mobility solutions to the masses.
“With the close of this latest investment round, May Mobility will continue to accelerate growth in our technology, business development and platforms, all with a global reach,” said Edwin Olson, CEO of May Mobility. “Our additional investors, as well as our continued strategic collaboration with Toyota and others, will enable us to march toward driver-out commercial operations in 2023 and enable our expansion into new markets as we roll out more Toyota Sienna Autono-MaaS vehicles now and look to next generation platforms, such as the e-Palette.”
In addition to the new round of funding, May Mobility said it will continue its collaboration with Toyota. Sienna Autono-MaaS vehicle platforms modified by May Mobility have already been launched for testing and demonstrations in Ann Arbor, with other public deployment locations anticipated in late 2022. The program also features an ADA-compliant up-fit through the company’s partnership with Braunability.
The e-Pallete work involves incorporating the May Mobility autonomous development kit onto the ePallete, a battery-electric vehicle platform. With greater rider capacity and the expansion of more efficient transit services made possible by the ePallete, May Mobility said the work aims to reduce traffic and the need for parking lots and garages, creating more livable green space.
“We are already seeing the benefits of using Toyota’s Sienna Autono-MaaS vehicle platform as it was designed from the ground up to interface with computers, and we look forward to future discussions on the use of Toyota’s e-Palette as an exciting opportunity to set new milestones as we transform mobility with an autonomous, electric vehicle platform,” said Olson. “This platform, coupled with our technology, has the power and capability to accelerate the future of mobility.”
May Mobility will continue working with Toyota on its Autono-MaaS vehicle platform.
The company has now raised a total of $194 million to date, and will use the new funding to increase its engineering headcount, expand its global customer base, enhance rider experiences and further invest in technology advancements. With this round of funding, May Mobility said it doubled down on its commitment to driver-out operations in 2023. SoftBank, State Farm Ventures, Next Century Ventures, SAIC, Wanxiang, Karma and 10x Group join the list of partners committed to the company’s mission of driving a greener, more accessible future through mobility. The round was led by SPARX Group Co., Ltd.’s Mirai Creation Fund II alongside Tokio Marine, Toyota Tsusho, Bridgestone Americas and returning investors Toyota Ventures, Millennium Technology Value Partners, Cyrus Capital Partners, LG Technology Ventures and Maven Ventures, among others.
Joining Tokio Marine, State Farm Ventures participated in the round, supporting May Mobility’s growth and becoming one of the first U.S.-based insurers to invest in AVs. With improving road safety as a key goal for May Mobility, the investment indicates the insurance industry’s growing support for AV operations to reduce road accidents.
“The insurance industry sees the future of mobility and is recognizing the importance of helping to design the way insurance will support autonomous vehicles in the future,” said Ryan Green, CFO of May Mobility. “Having partners like Tokio Marine and State Farm Ventures helps expedite that vision for the future of mobility.”
State Farm Ventures focuses on investing in start-ups developing technologies and products to fulfill customer needs in ways they may not expect from their insurance company. As the leading U.S. automobile insurer, they look to invest in technologies, services and capabilities that improve vehicle and pedestrian safety.
“May Mobility’s technology is a potential compelling advancement in the evolution of autonomous driving and may help to reduce accidents and improve road safety.” said Michael Remmes, vice president of State Farm Ventures.
For more details on May Mobility, visit its website here.