- Ann Arbor, Michigan-based autonomous Transportation-as-a-Service (TaaS) provider May Mobility announced it raised $50 million in Series B
May Mobility ― an Ann Arbor, Michigan-based autonomous Transportation-as-a-Service (TaaS) provider ― announced it has raised $50 million in Series B funding led by Toyota Motor Corporation with participation from SPARX Group along with return investors Millennium Technology Value Partners, Cyrus Capital Partners, BMW iVentures, and Toyota AI Ventures.
This round of funding will enable strategic hires across the engineering and operations functions along with the expansion of the vehicle fleet to meet growing demand. Toyota also selected May Mobility as one of its partners in the autonomous TaaS segment for future open mobility platforms.
This round of funding will enable strategic hires across the engineering and operations functions along with the expansion of the vehicle fleet to meet growing demand. Toyota also selected May Mobility as one of its partners in the autonomous TaaS segment for future open mobility platforms.
“We are extremely excited to partner with Toyota and our other investors in this next phase of growth for our company,” said Edwin Olson, President and Chief Executive Officer of May Mobility. “This round will help us accelerate our path to executing our vision, leveraging our best-in-class software stack and continuing to tap into the $28 billion U.S. first and last mile transportation market.”
May Mobility has a goal of transforming cities through autonomous technology to create a safer, greener, and more accessible world. In order to accomplish this goal, the company’s current focus is on reimagining transportation by deploying its autonomous shuttles — which helps people get where they need to go safely and easily. As of right now, May Mobility is focused on the US first-mile-last-mile transportation market.
And these service routes are in high-density areas helping riders and cities solve for gridlock, wait times, accessibility, and availability problems. The current May Mobility fleet of EVs have already provided over 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. And with each new launch, May Mobility is expanding its technical expertise by solving a different set of mobility needs.
“May Mobility already has a track record of commercializing autonomous driving shuttles in the U.S., and we see this as an exciting opportunity to collaborate with a seasoned partner in this area,” added Keiji Yamamoto, Toyota Operating Officer and President of Toyota’s in-house Connected Company. He added, “By working together, we hope to accelerate our efforts at Toyota aimed towards realizing ‘Mobility for All’.”
This round of funding brings May Mobility’s total funding to $84 million to date and it positions the company to further extend its leadership in the autonomous driving market.
