May Mobility announces $105 million Series D investment round led by NTT to scale autonomous transit services

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Nov 07, 2023, 05:00 ET

Growth capital accelerates commercialization of May Mobility's proprietary autonomous vehicle technology and its AV transit services

ANN ARBOR, Mich., Nov. 7, 2023 /PRNewswire/ -- May Mobility, a leader in the development and deployment of autonomous vehicle (AV) technology, today announced the company's closing of a $105 million Series D round as part of its ongoing fundraising efforts. The all-equity round has been led by Japanese telecommunications powerhouse, NTT Group and 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, Millennium Technology Value Partners 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.

May Mobility will use the proceeds 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 pave a path for the company to reach profitability.

With this investment, NTT Group has acquired the exclusive rights to distribute May Mobility's proprietary autonomous vehicle technology throughout Japan. The companies will work with Toyota Motor Corporation to develop an autonomous driving ecosystem, working 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 and 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 and we're excited to partner with a leading multinational technology firm of NTT's caliber and to develop our business in Japan together."

With more than 350,000 autonomy-enabled rides to date, May Mobilty's goal is to transform cities through autonomous vehicle technology, driving 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 to solve real transportation challenges for communities. Our go-to-market strategy is designed to enable the company to achieve profitability faster through a lean and focused capital-efficient structure, 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 on a fraction of the capital required by other AV systems. 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. with more 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 of making transportation more safe, sustainable and accessible for all," added Olson.

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About May Mobility
May Mobility develops autonomous vehicle (AV) technology and deploys fleets of vehicles to municipal and business customers. Its proprietary Multi-Policy Decision Making (MPDM) system is at the core of its mission to help make cities safer, greener and more accessible. MPDM's proven track record has delivered more than 350,000 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 and NTT, May Mobility aims to achieve the highest standard in rider safety, sustainability and transportation equity. For more information, visit www.maymobility.com.

SOURCE May Mobility