Ann Arbor’s May Mobility, a leading autonomous Transportation-as-a-Service (TaaS) provider, announced today that it has closed a $50 million Series B round led by Toyota Motor Corp. to help fund strategic hires across the company’s engineering and operations functions, and the expansion of its vehicle fleet to meet growing demand.
Other investors participating in the round include SPARX Group and return investors Millennium Technology Value Partners, Cyrus Capital Partners, BMW iVentures, and Toyota AI Ventures. The Series B round brings the company’s total raised to $84 million to date.
In addition to leading the round, Toyota has selected May Mobility as one of its partners in the autonomous TaaS segment for future open mobility platforms.
“We are extremely excited to partner with Toyota and our other investors in this next phase of growth for our company,” says Edwin Olson, president and CEO of May Mobility. “This round will help us accelerate our path to executing our vision, leveraging our best-in-class software stack and continuing to tap into the $28 billion U.S. first and last mile transportation market.”
May Mobility says it aims to transform cities through autonomous technology to create a safer, greener, more accessible world. To accomplish this vision, its current focus is on reimagining transportation by deploying its autonomous shuttles, helping people get where they need to go safely, and easily.
The company says it is currently focused on the U.S. first-mile/last-mile transportation market, specifically on urban cores. These service routes are in high-density areas helping both riders and cities solve for gridlock, wait times, accessibility, and availability problems. May Mobility’s current fleet of electric vehicles already has provided more than 170,000 revenue-generating rides with an enterprise service working with both public and private customers in Detroit, Grand Rapids, and Providence, R.I.
“May Mobility already has a track record of commercializing autonomous driving shuttles in the U.S., and we see this as an exciting opportunity to collaborate with a seasoned partner in this area,” says Keiji Yamamoto, president of Toyota’s in-house connected company. “By working together, we hope to accelerate our efforts at Toyota aimed towards realizing ‘Mobility for All.’”