Michigan, USA-based a leader in the development and deployment of autonomous vehicle (AV) technology, May Mobility closed its Series D USD 105 million fundraise as part of its ongoing fundraising efforts. The company announced the closure on November 7, 2023. Japanese telecommunications powerhouse NTT Group, led the all-equity funding round. Meanwhile, new and existing financial and strategic investors such as Toyota Ventures, Aioi Nissay Dowa Insurance Company, State Farm Ventures®, BMW i Ventures, Cyrus Capital and Trucks Venture Capital provided the investment. Toyota Motor Corporation and SPARX Group Co. earlier led the company’s Series B and Series C rounds, respectively. With the recent investment, the company’s total funding amounts to approximately USD 300 million to date.
Purpose of financing for May Mobility
With the Series D proceeds, May Mobility seeks to accelerate the advancement and commercialization of its AV technology. It also has plans to fuel services in the United States, Canada as well as Japan. In addition, the company looks forward to scaling operations and paving a path for the company to reach profitability.
As a part of the deal, NTT Group also 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. The system works 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.
What the May Mobility founder has to add
Edwin Olson, CEO and co-founder of May Mobility, said, “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 calibre and to develop our business in Japan together.”
He further added, “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.”
About May Mobility
Steve Vozar, Alisyn Malek and Edwin Olson launched the company in 2017. May Mobility develops autonomous vehicle (AV) technology. It deploys fleets of vehicles to municipal and business customers. Its proprietary Multi-Policy Decision Making (MPDM) system is at the core of its mission to help make cities safer, greener and more accessible. So far, MPDM’s proven track record has delivered more than 350,000 autonomy-enabled rides in several public transit applications across the U.S. as well as Japan. The company enjoys key strategic partnerships, which include some of the world’s most innovative automotive and transportation companies. It boasts partnerships with giants such as Toyota Motor Corporation and NTT. May Mobility aims to achieve the highest standard in rider safety, sustainability and transportation equity.
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