Ann Arbor startup May Mobility announced today its initial Series C funding round, an $83 million investment. The round was led by Mirai Creation Fund II – a SPARX Group Co., Ltd. managed fund that is renowned for supporting high-growth, high-tech companies.
New investors Tokio Marine and Toyota Tsusho joined existing 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. The initial investment in this round brings May Mobility’s total funding to $166 million.
"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 (Autonomous Mobility as a Service)," Edwin Olson, CEO of May Mobility said in a press release. "We will continue to challenge the status quo of transit by reshaping the future of the AV industry."
May Mobility is a leader in the development and deployment of autonomous vehicle technology, a cutting-edge industry that’s forever changing mobility as we know it. Its class-leading proprietary Multi-Policy Decision Making (MPDM) autonomous driving technology has provided more than 300,000 revenue-generating rides.
May Mobility has launched services in nine cities, including Ann Arbor, Michigan and Fishers, Indiana, as well as its first international deployment in Higashihiroshima, Japan. And for May Mobility, it really is about the city — transforming cities with AV technology to cut down traffic congestion, cut down carbon emissions, and provide accessible transportation to people in the community.
This initial investment will help May Mobility in that mission: increase its engineering headcount, expand its global customer pool, enhance rider experiences and further invest in technology advancements, including driver-out operations in 2023. The funding will also help May Mobility continue its partnership with Toyota. Together they will work on future platforms and future public deployments of the Toyota Sienna Autono-MaaS equipped with May's autonomous driving kit by 2023.
"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,” said Keiji Yamamoto, Operating Officer of Toyota and President of Connected Company.
"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 together."