May Mobility, a leading autonomous Transportation as a Service (TaaS) provider, has closed a US$50m Series B round led by Toyota Motor Corporation with participation from SPARX Group alongside return investors Millennium Technology Value Partners, Cyrus Capital Partners, BMW iVentures, and Toyota AI Ventures. The round will help fund strategic hires across the engineering and operations functions, and expansion of the vehicle fleet to meet growing demand. The Series B round brings May Mobility’s total raised to date to US$84m.
In addition to leading the round, Toyota has selected May Mobility as one of its partners in the autonomous TaaS segment for future open mobility platforms.
May Mobility wants to reimagine transportation by deploying its autonomous shuttles. The company is currently focused on the US first-mile-last-mile transportation market, specifically on urban cores. Its current fleet of electric vehicles has already provided more than 170,000 revenue-generating rides with an enterprise service working with both public and private customers in Detroit and Grand Rapids (Michigan) and Providence, Rhode Island. With each new launch, the company says it expands its technical expertise by solving a different set of mobility needs.
“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 CEO 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 US$28bn US first- and last-mile transportation market.”
“May Mobility already has a track record of commercializing autonomous driving shuttles in the USA and we see this as an exciting opportunity to collaborate with a seasoned partner in this area,” commented Keiji Yamamoto, Toyota operating officer and president of Toyota’s in-house Connected Company. “By working together, we hope to accelerate our efforts at Toyota aimed towards realizing ‘Mobility for All’.”