May Mobility, an Ann Arbor, Mich.-based autonomous Transportation-as-a-Service (TaaS) provider, closed a $50m Series B funding round.
The round, which brought the company’s total raised to $84m to date, was led by Toyota Motor Corporation with participation from SPARX Group and return investors Millennium Technology Value Partners, Cyrus Capital Partners, BMW iVentures, and Toyota AI Ventures. In addition to leading the round, Toyota has selected May Mobility as one of their partners in the autonomous TaaS segment for future open mobility platforms.
The company intends to use the funds for strategic hires across the engineering and operations functions, and for the expansion of the vehicle fleet.
Led by Edwin Olson, President and Chief Executive Officer, May Mobility is an enterprise autonomous transportation company that provides daily transit by deploying their autonomous shuttles to reduce human error in driving, decrease pollution and create greater economic benefit for communities and riders. enterprise
The company is currently focused on the US first-mile-last-mile transportation market, specifically on urban cores. These service routes are in high-density areas helping both riders and cities solve for gridlock, wait times, accessibility and availability problems. 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, MI, Grand Rapids, MI and Providence, RI.
FinSMEs
04/12/2019