US-based May Mobility, which develops and deploys autonomous vehicle (AV) technology has snapped $105 million in Series D funding. The equity round was led by Japanese telecommunications powerhouse, NTT Group alongside new and existing financial and strategic investors, including Toyota Ventures, Aioi Nissay Dowa Insurance Company, State Farm Ventures®, BMW i Ventures, Cyrus Capital, Trucks Venture Capital and Millennium Technology Value Partners.
With this round, the total funding raised by May Mobility to date accounts for nearly $300 million. Also, the company will use the proceeds to accelerate the advancement and commercialisation 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.
NTT Group has bagged the exclusive rights to distribute May Mobility’s proprietary driverless technology throughout Japan. The companies will work with Toyota Motor Corporation, which led May Mobility’s Series B and C rounds to develop an autonomous driving ecosystem.
AV tech accessible to everyone
Founded by Alisyn Malek, Edwin Olson, and Steve Vozar in 2017, May Mobility builds autonomous vehicle systems like Cruise and Waymo. 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. It partners with cities, transit agencies, municipalities, and government agencies to solve real transportation challenges for communities.
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 it to scale to new markets and cities on a fraction of the capital required by other AV systems.
As of now, the company has deployed its AVs in 12 cities in the U.S. and Japan. Its 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. More cities are to get its tech in the coming months.
”Our success in this fundraising is a strong validation of May’s proven business model and provides the fuel and momentum to realise 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.”