May Mobility continues to focus on delivering
equitable autonomous mobility solutions.
- May Mobility garners commercial traction with partners leading
the adoption of AV technology in the business-to-government and
business-to-business sectors, including a project with MONET
Technologies Inc. and SoftBank Corp. for an international route in
- May Mobility will continue collaborating with Toyota, with more
deployments coming in late 2022 with the Sienna Autono-MaaS vehicle
platform and preliminary development on Toyota's e-Palette mobility
- Insurance conglomerate backs AV technology, stating potential
reduction in accidents.
ARBOR, Mich., July 12,
2022 /PRNewswire/ -- May Mobility, a leader in the
development and deployment of autonomous vehicle (AV) technology,
today closed a $111 million Series C
round of funding. Additionally, the company plans to continue to
pursue its deployment programs using the Toyota Sienna Autono-MaaS
vehicle platform while beginning development on another vehicle
design centered around mobility, Toyota's e-Palette, signaling the
next potential milestone as it seeks new ways to bring equitable
mobility solutions to the masses.
"With the close of this latest investment round, May Mobility
will continue to accelerate growth in our technology, business
development and platforms, all with a global reach," said
Edwin Olson, CEO of May Mobility.
"Our additional investors, as well as our continued strategic
collaboration with Toyota and others, will enable us to march
toward driver-out commercial operations in 2023 and enable our
expansion into new markets as we roll out more Toyota Sienna
Autono-MaaS vehicles now and look to next generation platforms,
such as the e-Palette."
Insurance Industry Supports AV
Joining Tokio Marine, State Farm
Ventures® participated in the round, supporting May
Mobility's growth and becoming one of the first U.S.-based insurers
to invest in AVs. With improving road safety as a key goal for May
Mobility, the investment indicates the insurance industry's growing
support for AV operations to reduce road accidents.
"The insurance industry sees the future of mobility and is
recognizing the importance of helping to design the way insurance
will support autonomous vehicles in the future," said Ryan Green, CFO of May Mobility. "Having
partners like Tokio Marine and State Farm Ventures helps expedite
that vision for the future of mobility."
State Farm Ventures focuses on investing in start-ups developing
technologies and products to fulfill customer needs in ways they
may not expect from their insurance company. As the leading U.S.
automobile insurer, they look to invest in technologies, services
and capabilities that improve vehicle and pedestrian safety.
"May Mobility's technology is a potential compelling advancement
in the evolution of autonomous driving and may help to reduce
accidents and improve road safety." said Michael Remmes, Vice President, State Farm
Continuing collaboration with
In addition to the new round of funding, May Mobility is also
continuing its collaboration with Toyota. Sienna Autono-MaaS
vehicle platforms modified by May Mobility have already been
launched for testing and demonstrations in Ann Arbor, with other public deployment
locations anticipated in late 2022. The program also features an
ADA-compliant up-fit through the company's partnership with
Furthermore, May Mobility has begun initial development work on
incorporating the company's ADK onto the Toyota e-Palette, a
battery-electric vehicle platform that is positioned to further
transform the future of mobility. With greater rider capacity and
the expansion of more efficient transit services made possible from
a platform like e-Palette, May Mobility will continue its mission
to ultimately reduce traffic and the need for parking lots and
garages, creating more livable green space.
"We are already seeing the benefits of using Toyota's Sienna
Autono-MaaS vehicle platform as it was designed from the ground up
to interface with computers, and we look forward to future
discussions on the use of Toyota's e-Palette as an exciting
opportunity to set new milestones as we transform mobility with an
autonomous, electric vehicle platform. This platform, coupled with
our technology, has the power and capability to accelerate the
future of mobility," said Olson.
Investors Support Driver-Out
Bringing the company's total raised funding to date to
$194 million, the round is expected
to increase May Mobility's engineering headcount, expand its global
customer base, enhance rider experiences and further invest in
technology advancements. With this round of funding, May Mobility
has doubled down on its commitment to driver-out operations in
2023. SoftBank, State Farm Ventures, Next Century Ventures, SAIC,
Wanxiang, Karma and 10x Group join the list of partners committed
to the company's mission of driving a greener, more accessible
future through mobility. The round was led by SPARX Group Co.,
Ltd.'s Mirai Creation Fund II alongside Tokio Marine, Toyota
Tsusho, Bridgestone Americas and returning investors Toyota
Ventures, Millennium Technology Value Partners, Cyrus Capital
Partners, LG Technology Ventures and Maven Ventures, among
Gaining Traction with Commercial
With its Series C round, May Mobility also garnered commercial
traction with partners leading the adoption of AV technology in the
business-to-government and business-to-business sectors. In
addition to its previously-announced program with Bridgestone, May
Mobility is working on a project with MONET Technologies and
SoftBank for an international route in Tokyo.
For more information, visit maymobility.com.
About May Mobility
May Mobility, established in
Ann Arbor, Michigan in 2017, is
building the world's best autonomy system. Their proprietary
Multi-Policy Decision Making (MPDM) system is at the core of their
mission to help make cities safer, greener, and more accessible.
MPDM's proven track record has delivered more than 320,000
autonomy-enabled rides to date in several public transit
applications across the U.S. and Japan. With key strategic partnerships
including some of the world's most innovative automotive and
transportation companies, such as Toyota Motor Corporation, May
Mobility aims to achieve the highest standard in rider safety,
sustainability, and transportation equity. For more information,
Toyota (NYSE:TM) has been a part of the
cultural fabric in the U.S. for more than 60 years, and is
committed to advancing sustainable, next-generation mobility
through our Toyota and Lexus brands, plus our nearly 1,500
Toyota directly employs more than 39,000 people in the U.S. who
have contributed to the design, engineering, and assembly of nearly
32 million cars and trucks at our nine manufacturing plants.
By 2025, Toyota's 10th plant in North
Carolina will begin to manufacture automotive batteries for
electrified vehicles. With more electrified vehicles on the
road than any other automaker, a quarter of the company's 2021 U.S.
sales were electrified.
To help inspire the next generation for a career in STEM-based
fields, including mobility, Toyota launched its virtual education
hub at www.TourToyota.com with an immersive experience and chance
to virtually visit many of our U.S. manufacturing facilities. The
hub also includes a series of free STEM-based lessons and
curriculum through Toyota USA
Foundation partners, virtual field trips and more. For more
information about Toyota, visit www.ToyotaNewsroom.com.
About State Farm Ventures
State Farm Ventures focuses
on investing in start-ups developing technologies and products to
fulfill customer needs in ways they may not expect from their
insurance company. State Farm Ventures, LLC is a wholly-owned
subsidiary and registered trademark of State Farm Mutual Automobile
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SOURCE May Mobility