May Mobility closes $105m Series D investment round to scale autonomous transit services

May Mobility closes $105m Series D investment round to scale autonomous transit services

Published: 08-11-2023 10:32:00 | By: Pie Kamau | hits: 3605 | Tags:

May Mobility, a player in the development and deployment of autonomous vehicle (AV) technology, announced the company's closing of a $105 million Series D round as part of its ongoing fundraising efforts. The all-equity round has been led by Japanese telecommunications powerhouse, NTT Group and joined by new and existing financial and strategic investors including Toyota Ventures, Aioi Nissay Dowa Insurance Company, State Farm Ventures, BMW i Ventures, Cyrus Capital and Trucks Venture Capital thus far. May Mobility's Series B and C were led by Toyota Motor Corporation and SPARX Group Co. respectively. This latest round brings May Mobility's total funding to approximately $300 million to date.

May Mobility will use the proceeds to accelerate the advancement and commercialization of its AV technology and services in the United StatesCanada and Japan. Additionally, the funding will assist in scaling operations and pave a path for the company to reach profitability.

With this investment, NTT Group has acquired the exclusive rights to distribute May Mobility's proprietary autonomous vehicle technology throughout Japan. The companies will work with Toyota Motor Corporation to develop an autonomous driving ecosystem, working with local stakeholders to deploy May Mobility-equipped autonomous vehicles across a variety of vehicle platforms. The companies will incorporate May Mobility's technology to enhance Japanese transportation networks.

Edwin Olson, CEO and Co-founder, May Mobility: "Our success in this fundraising is a strong validation of May's proven business model and provides the fuel and momentum to realize our next phase of growth. Our approach has been to work with best-in-class partners to bring our technology and services to market and we're excited to partner with a leading multinational technology firm of NTT's caliber and to develop our business in Japan together."

With more than 350,000 autonomy-enabled rides to date, May Mobilty's goal is to transform cities through autonomous vehicle technology, driving more accessible and sustainable transportation and safer roads, while filling gaps in existing transportation infrastructure.

Focusing on a business-to-government (B2G) and business-to-business (B2B)  go-to-market strategy, May Mobility partners with cities, transit agencies, municipalities and government agencies to solve real transportation challenges for communities.  Our go-to-market strategy is designed to enable the company to achieve profitability faster through a lean and focused capital-efficient structure, in contrast to other AV companies.

May Mobility also takes a differentiated approach to its AV technology. With a deep understanding of the commercialization challenges, the company's proprietary Multi-Policy Decision Making (MPDM) technology can adaptively handle situations it hasn't encountered before. The technology's ability to imagine multiple scenarios in real time enables May Mobility to scale to new markets and cities on a fraction of the capital required by other AV systems. The company has deployed its AVs in 12 cities in the U.S. and Japan.

May Mobility's recent deployments and upcoming sites in the United States include Arlington, Tex.Ann Arbor, Mich., Contra Costa, Cali., Detroit, Mich.Grand Rapids, Minn., and Sun City, Ariz. with more scheduled in the coming months.

"Autonomous transportation has a significant role to play in transforming our cities and improving our lives. With this financing, we expect to expand our vision of making transportation more safe, sustainable and accessible for all," added Olson.

www.maymobility.com