May Mobility, an autonomous vehicle (AV) service company based in Ann Arbor, has closed a $111 million Series C round of funding to deploy its programs using the Toyota Sienna Autono-MaaS vehicle platform.
The company will develop another vehicle design centered around mobility, Toyota’s e-Palete, as they seek to bring forward mobility and MaaS (Mobility-as-a-Service) solutions.
“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,” says 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.”
Tokio Marine and State Farm Ventures participated in the round, claiming to be the first U.S.-based insurers to invest in AVs due to increased road safety and reduced 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,” says 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 one of the leading U.S. automobile insurers, 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,” says Michael Remmes, vice president of State Farm Ventures.
In addition to the new round of funding, May Mobility is also continuing its collaboration with Toyota, having already launched the Sienna Autono-MaaS 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.
May Mobility has begun initial development work on incorporating the company’s ADK onto the Toyota e-Palette, a battery-electric vehicle platform. This enables greater rider capacity and more efficient transit services as the company continues its mission to reduce traffic, parking lots, and garages, creating more livable green space.
Olson adds, “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. This platform, coupled with our technology, has the power and capability to accelerate the future of mobility.”
Investor support brings the company’s funding to $194 million which is expected to increase May Mobility’s engineering headcount, expand its global customer base, enhance rider experiences, and further invest in technology advancements.
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. With this round of funding, May Mobility has doubled down on its commitment to driver-out operations in 2023.
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.
With its Series C round, May Mobility also garnered commercial traction with partners leading the adoption of AV technology in the business-to-government and business-to-business sectors. In addition to its previously-announced program with Bridgestone, May Mobility is working on a project with MONET Technologies and SoftBank for an international route in Tokyo.
