ANN ARBOR, Mich., November 7, 2023 – May Mobility, announced that it has raised $105 million in Series D. May Mobility will use the fund to accelerate the advancement and commercialization of its AV technology and services in the United States, Canada and Japan. Additionally, the funding will assist in scaling operations and reach profitability.
The all-equity round has been led by Japanese telecommunications, NTT Group. It is 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 thus far. May Mobility’s Series B and C were led by Toyota Motor Corporation and SPARX Group Co. respectively. This latest round brings May Mobility’s total funding to approximately $300 million to date.
With this investment, NTT Group has acquired the exclusive rights to distribute May Mobility’s proprietary autonomous vehicle technology throughout Japan. Moreover, the companies will work with Toyota Motor Corporation to develop an autonomous driving ecosystem. They will work with local stakeholders to deploy May Mobility-equipped autonomous vehicles across a variety of vehicle platforms. The companies will incorporate May Mobility’s technology to enhance Japanese transportation networks.
”Our success in this fundraising is a strong validation of May’s proven business model. It provides the fuel and momentum to realize our next phase of growth,” said Edwin Olson, CEO and co-founder of May Mobility. “Our approach has been to work with best-in-class partners to bring our technology and services to market. Thrilled to collaborate with NTT, a top multinational technology company, we are expanding our operations jointly in Japan.”
With more than 350,000 autonomy-enabled rides to date, May Mobility’s goal is to transform cities through autonomous vehicle technology. The aim is to drive more accessible and sustainable transportation and safer roads, while filling gaps in existing transportation infrastructure.
Focusing on a business-to-government (B2G) and business-to-business (B2B) go-to-market strategy, May Mobility partners with cities, transit agencies, municipalities, and government agencies. May Mobility aims to solve real transportation challenges for communities. They designed their go-to-market strategy to enable the company to achieve profitability faster through a lean and focused capital-efficient structure. This approach stands in contrast to other AV companies.
May Mobility also takes a differentiated approach to its AV technology. With a deep understanding of the commercialization challenges, the company’s proprietary Multi-Policy Decision Making (MPDM) technology can adaptively handle situations it hasn’t encountered before. The technology’s ability to imagine multiple scenarios in real time enables May Mobility to scale to new markets and cities. This can achieve this with a fraction of the capital that other AV systems require. Furthermore, the company has deployed its AVs in 12 cities in the U.S. and Japan.
May Mobility’s 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. Additionally, more deployments are scheduled in the coming months.
“Autonomous transportation has a significant role to play in transforming our cities and improving our lives. With this financing, we expect to expand our vision. Moreover, our aim is to make transportation more safe, sustainable, and accessible for all,” added Olson.
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