May Mobility raises $50m in Toyota funding round
Posted: 6 December 2019 | Sam Mehmet (Intelligent Transport)
In addition to leading the round, Toyota has selected May Mobility as one of its partners in the autonomous Transportation-as-a-Service (TaaS) segment for future open mobility platforms.
May Mobility, a Michigan based autonomous Transportation-as-a-Service (TaaS) provider, has announced that it has closed a $50 million Series B round led by Toyota Motor Corporation. The round will allegedly help fund strategic hires across the engineering and operations functions, and expansion of the vehicle fleet to meet growing demand.
May Mobility has said it aims to transform cities through autonomous technology to create a safer, greener and more accessible world. Its current focus is said to be on reimagining transportation by deploying its autonomous shuttles, helping people to travel safely and easily.
The company is currently focused on the urban US first-mile-last-mile transportation market, and the service routes are said to be in high-density areas helping both riders and cities solve issues such as gridlock, wait times, accessibility and availability.
To date, May Mobility’s current fleet of electric vehicles has provided more than 170,000 rides with an enterprise service working with both public and private customers in Detroit, MI, Grand Rapids, MI and Providence, RI.
“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 Chief Executive Officer of May Mobility. “This round will help us accelerate our path to executing our vision, leveraging our software stack and continuing to tap into the $28 billion US first and last-mile transportation market.”
“May Mobility already has a track record of commercialising autonomous driving shuttles in the U.S., and we see this as an exciting opportunity to collaborate with a seasoned partner in this area,” said 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 realising ‘Mobility for All’.”