May Mobility, a pioneering player in autonomous vehicle (AV) technology, has announced the successful closure of a $105 million Series D funding round, marking a significant milestone in the company’s ongoing fundraising endeavors.
This all-equity round was spearheaded by the prominent Japanese telecommunications giant, NTT Group, and drew participation from both new and existing financial and strategic investors, including the likes of Toyota Ventures, Aioi Nissay Dowa Insurance Company, State Farm Ventures®, BMW i Ventures, Cyrus Capital, and Trucks Venture Capital. Notably, May Mobility’s Series B and C rounds were led by Toyota Motor Corporation and SPARX Group Co., respectively. The latest infusion of capital brings May Mobility’s total funding to an impressive $300 million to date.
Accelerating AV Technology and Expansion Plans
May Mobility intends to utilize the funds raised to expedite the development and commercialization of its cutting-edge AV technology and services, with a specific focus on the United States, Canada, and Japan. Furthermore, this financial injection will play a pivotal role in scaling up its operations, thereby paving the way for the company’s journey towards profitability.
NTT Group’s Exclusive Distribution Rights and Collaborative Endeavors
In a significant development, NTT Group has secured the exclusive rights to distribute May Mobility’s proprietary autonomous vehicle technology across Japan. This partnership is set to collaborate with Toyota Motor Corporation to establish an autonomous driving ecosystem, actively engaging local stakeholders to facilitate the deployment of May Mobility-equipped autonomous vehicles across diverse vehicle platforms. The incorporation of May Mobility’s technology aims to enhance transportation networks in Japan.
May Mobility CEO and co-founder, Edwin Olson, expressed enthusiasm, stating, “Our success in this fundraising is a strong validation of May’s proven business model and provides the fuel and momentum to realize our next phase of growth. Our approach has been to work with best-in-class partners to bring our technology and services to market, and we’re excited to partner with a leading multinational technology firm of NTT’s caliber and to develop our business in Japan together.”
A Vision for Transforming Cities
With over 350,000 autonomy-enabled rides completed to date, May Mobility is steadfast in its mission to revolutionize cities through autonomous vehicle technology. Their ultimate goal is to promote more accessible and sustainable transportation while fostering safer roads and addressing the gaps in existing transportation infrastructure.
Targeting Business and Government Markets
May Mobility adopts a targeted business-to-government (B2G) and business-to-business (B2B) go-to-market strategy. This strategy involves partnering with cities, transit agencies, municipalities, and government bodies to tackle real transportation challenges within communities. This approach is designed to expedite the company’s path to profitability through a lean and capital-efficient structure, setting it apart from other AV companies.
Proprietary Multi-Policy Decision Making (MPDM) Technology
May Mobility distinguishes itself through its unique AV technology approach. Anchored by the proprietary Multi-Policy Decision Making (MPDM) technology, the company can adaptively handle unforeseen situations, offering a distinct advantage in commercialization. MPDM’s real-time scenario simulation capability enables May Mobility to expand into new markets and cities with a fraction of the capital required by other AV systems. Presently, May Mobility has deployed its AVs in 12 cities across the United States and Japan.
Expanding Deployment Sites
May Mobility’s recent deployments and upcoming sites in the United States include Arlington, Texas; Ann Arbor, Michigan; Contra Costa, California; Detroit, Michigan; Grand Rapids, Minnesota; and Sun City, Arizona, with additional locations scheduled for the coming months.
The Vision Ahead
“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 of making transportation more safe, sustainable, and accessible for all,” added Olson.
TL;DR
- May Mobility secures $105 million in Series D funding led by NTT Group, bringing its total funding to $300 million.
- The funds will be used to advance and commercialize AV technology and expand operations in the US, Canada, and Japan.
- NTT Group gains exclusive distribution rights for May Mobility’s AV technology in Japan, collaborating with Toyota to enhance transportation networks.
- May Mobility aims to transform cities through AV technology and focuses on B2G and B2B markets for faster profitability.
- Their proprietary Multi-Policy decision-making (MPDM) technology enables adaptive handling of unforeseen situations, allowing cost-effective expansion.
- Recent and upcoming deployments include various US cities, with a focus on safer, greener, and more accessible transportation.
Hi, I’m Oren, founder at BIGINTRO, a content strategy agency that helps B2B companies drive growth. We develop search, social, PR, and content marketing strategies tailored to business goals. I also have a dog named Milo.