May Mobility closes $111 million Series C funding, begins preliminary development on Toyota’s next-generation mobility platform
May Mobility, a leader in the development and deployment of autonomous vehicle (AV) technology, 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 Future
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 Ventures.
Continuing collaboration with Toyota
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 Braunability.
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 Operations
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 others.
Gaining Traction with Commercial Partners
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.