Urban mobility startup May Mobility raises $83 million in Series funding to transform urban cities with fleets of autonomous shuttles
With the growing population in urban cities around the world, the arrival of autonomous vehicles (AVs) provides a unique opportunity for a fundamental change in urban mobility. One of the startups leading this change is May Mobility, an Ann Arbor, Michigan-based tech startup that is transforming cities through autonomous technology to create a safer, greener, more accessible world.
Since its inception four years ago, May Mobility has deployed its customizable AV service in partnership with cities, state transit agencies, and private enterprises, including corporations, hospitals, and universities. With more than 300,000 autonomy-enabled rides to date, May Mobility is delivering safe, efficient, and sustainable shuttle solutions designed to complement today’s public transportation options.
Today, May Mobility announced it has closed $83 million in the initial closing of its Series C round of funding led by Mirai Creation Fund II – a SPARX Group Co., Ltd. The startup will use the new cash infusion to rapidly deploy its technology on Toyota’s autonomous-ready platforms.
New investors that also joined the round include Tokio Marine and Toyota Tsusho, along with returning investors Toyota Ventures, Millennium Technology Value Partners, Cyrus Capital Partners, 1843 Capital, BMW i Ventures and Bay Lake Ventures. The final closing of the financing is expected to take place near the end of Q1 2022.
Founded in 2017 by Alisyn Malek, Edwin Olson, and Steve Vozar, May Mobility aims to realize a world where self-driving systems make transportation more accessible and reliable, the roads safer, and encourage better land use in order to foster more green, vibrant, and livable spaces.
“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,” said 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 class-leading 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 this round of funding brings the total amount raised by May Mobility 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.
“Automated vehicles will play a significant role in addressing urgent social issues such as environmental problems, aging infrastructure, and labor shortages. May Mobility is engaged in research and deployments aimed at the implementation of automated driving technology that can be on the road today, not someday,” said Shuhei Abe, President of SPARX Group Co., Ltd. “With a strong partner in Toyota Motor Corporation, May Mobility has steadily grown its technology and business. Through the Mirai Creation Fund II, SPARX will support the growth of May Mobility to contribute to creating a brighter future together.”
In addition, this 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*),” said 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.”