May Mobility has closed a $50 million Series B round led by Toyota Motor Corp. with participation from SPARX Group alongside return investors Millennium Technology Value Partners, Cyrus Capital Partners, BMW iVentures and Toyota AI Ventures.
The round will help fund strategic hires across the engineering and operations functions, and expansion of the vehicle fleet to meet growing demand. 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.
Ann Arbor-based May Mobility aims to transform cities through autonomous technology to create a safer, greener, more accessible world. Its current focus is on reimagining transportation by deploying autonomous shuttles to help people get where they need to go safely, easily and with a lot more fun. The company is currently focused on the US first-mile/last-mile transportation market, specifically on urban cores.
May Mobility's current fleet of electric vehicles have already 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, Rhode Island.
"We are extremely excited to partner with Toyota and our other investors in this next phase of growth for our company," May Mobility President and CEO Edwin Olson said in a statement. "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."
Keiji Yamamoto, Toyota’s operating officer and president of the company’s in-house Connected Company, added: “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. By working together, we hope to accelerate our efforts at Toyota aimed towards realizing 'Mobility for All.’"
The Series B round brings the company's total raised to $84 million to date and positions the company to further extend its leadership in the autonomous driving landscape.
