May Mobility, an Ann Arbor, MI-based company which specializes in the development and deployment of autonomous vehicle (AV) technology, raised $105M in Series D funding.
The round, which brought the total amount to $300M, was led by 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.
The company intends to use the funds to accelerate commercialization of its proprietary autonomous vehicle technology and its AV transit services in the United States, Canada and Japan, and scale operations to reach profitability.
Led by Edwin Olson, CEO, May Mobility develops autonomous vehicle (AV) technology and 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. MPDM’s proven track record has delivered more than 350,000 autonomy-enabled rides to date in several public transit applications across the U.S. and Japan.
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 the company’s autonomous vehicles across a variety of vehicle platforms. The companies will incorporate May Mobility’s technology to enhance Japanese transportation networks.
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.
FinSMEs
07/11/2023