May Mobility, an autonomous vehicle technology company based in Ann Arbor, has announced the initial closing of a Series C round of funding with an investment of $83 million led by Mirai Creation Fund II, a managed fund of Sparx Group Co.
Other new investors are Tokio Marin and Toyota Tshusho, while Toyota Ventures, Millennium Technology Value Partners, Cyrus Capital Partners, 1843 Capital, BMW i Ventures, and Bay Lake Ventures are returning investors. Final closing of the financing is expected to take place near the end of the first quarter of 2022.
“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,” says Edwin Olson, CEO of May Mobility. “We will continue to challenge the status quo of transit by reshaping the future of the AV industry.”
May Mobility, driven by its proprietary Multi-Policy Decision Making (MPDM) autonomous driving technology, has provided more than 300,000 revenue-generating rides and launched services in nine cities, including their first international deployment in Higashihiroshima, Japan.
The initial investment in the round of funding brings the total amount raised to $166 million to date and is set to help the company increase its engineering headcount, expand its global customer pool, enhance rider experiences, and further invest in technology advancements, including driver-out operations in 2023.
In addition, the new round of funding will enable May Mobility to continue its partnership with Toyota, working on future platforms and future public deployments of the Toyota Sienna Autono-MaaS equipped with May’s autonomous driving kit by 2023.
“We believe May Mobility’s latest investment round, led by Mirai Creation Fund II, is significant for the realization of autonomous mobility as a service (Autono-MaaS),” says Keiji Yamamoto, operating officer of Toyota and president of Connected Company. “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.”
By partnering with municipalities, business districts, educational campuses and residential areas, May Mobility helps solve transportation challenges with autonomous vehicles. May Mobility’s most recent two deployments included Ann Arbor in October and Fishers, Ind., in collaboration with Toyota Mobility Foundation in December.
“Our team is excited by this renewed commitment of existing investors, in addition to our new investment partners, to help solve the many challenges in bringing to life a safer, greener, more accessible world through autonomous mobility to communities,” says Ryan Green, CFO at May Mobility. “(Our company) is now poised for international expansion through this investment funding.”