MAY MOBILITY CLOSES $111 MILLION SERIES C FUNDING, BEGINS PRELIMINARY DEVELOPMENT ON TOYOTA'S NEXT GENERATION MOBILITY PLATFORM

Rhea-AI Summary

May Mobility announced the closing of a $111 million Series C funding round, bringing total funding to $194 million. The funding aims to enhance technology and expand operations, focusing on driver-out autonomous vehicle (AV) deployments, particularly with the Toyota Sienna Autono-MaaS platform. Collaborations with partners like Toyota and State Farm Ventures underline support for AV technology. The company is also developing the Toyota e-Palette platform to further transform mobility. The investment reflects confidence in reducing road accidents through AVs.

Positive

• Closed $111 million Series C funding round, total funding now $194 million.
• Strategic collaboration with Toyota for deploying Sienna Autono-MaaS vehicles.
• Partnerships with insurance firms like State Farm Ventures indicate growing industry support for AV technology.
• Development of the e-Palette platform shows commitment to innovation in mobility solutions.

Negative

• None.

May Mobility continues to focus on delivering equitable autonomous mobility solutions.

• May Mobility garners commercial traction with partners leading the adoption of AV technology in the business-to-government and business-to-business sectors, including a project with MONET Technologies Inc. and SoftBank Corp. for an international route in Tokyo
• May Mobility will continue collaborating with Toyota, with more deployments coming in late 2022 with the Sienna Autono-MaaS vehicle platform and preliminary development on Toyota's e-Palette mobility platform
• Insurance conglomerate backs AV technology, stating potential reduction in accidents.

ANN ARBOR, Mich., July 12, 2022 /PRNewswire/ -- May Mobility, a leader in the development and deployment of autonomous vehicle (AV) technology, today closed a $111 million Series C round of funding. Additionally, the company plans to continue to pursue its deployment programs using the Toyota Sienna Autono-MaaS vehicle platform while beginning development on another vehicle design centered around mobility, Toyota's e-Palette, signaling the next potential milestone as it seeks new ways to bring equitable mobility solutions to the masses.

"With the close of this latest investment round, May Mobility will continue to accelerate growth in our technology, business development and platforms, all with a global reach," said Edwin Olson, CEO of May Mobility. "Our additional investors, as well as our continued strategic collaboration with Toyota and others, will enable us to march toward driver-out commercial operations in 2023 and enable our expansion into new markets as we roll out more Toyota Sienna Autono-MaaS vehicles now and look to next generation platforms, such as the e-Palette."

Insurance Industry Supports AV Future

Joining Tokio Marine, State Farm Ventures^® participated in the round, supporting May Mobility's growth and becoming one of the first U.S.-based insurers to invest in AVs. With improving road safety as a key goal for May Mobility, the investment indicates the insurance industry's growing support for AV operations to reduce road accidents.

"The insurance industry sees the future of mobility and is recognizing the importance of helping to design the way insurance will support autonomous vehicles in the future," said Ryan Green, CFO of May Mobility. "Having partners like Tokio Marine and State Farm Ventures helps expedite that vision for the future of mobility."

State Farm Ventures focuses on investing in start-ups developing technologies and products to fulfill customer needs in ways they may not expect from their insurance company. As the leading U.S. automobile insurer, they look to invest in technologies, services and capabilities that improve vehicle and pedestrian safety.

"May Mobility's technology is a potential compelling advancement in the evolution of autonomous driving and may help to reduce accidents and improve road safety." said Michael Remmes, Vice President, State Farm Ventures. 

Continuing collaboration with Toyota

In addition to the new round of funding, May Mobility is also continuing its collaboration with Toyota. Sienna Autono-MaaS vehicle platforms modified by May Mobility have already been launched for testing and demonstrations in Ann Arbor, with other public deployment locations anticipated in late 2022. The program also features an ADA-compliant up-fit through the company's partnership with Braunability.

Furthermore, May Mobility has begun initial development work on incorporating the company's ADK onto the Toyota e-Palette, a battery-electric vehicle platform that is positioned to further transform the future of mobility. With greater rider capacity and the expansion of more efficient transit services made possible from a platform like e-Palette, May Mobility will continue its mission to ultimately reduce traffic and the need for parking lots and garages, creating more livable green space.

"We are already seeing the benefits of using Toyota's Sienna Autono-MaaS vehicle platform as it was designed from the ground up to interface with computers, and we look forward to future discussions on the use of Toyota's e-Palette as an exciting opportunity to set new milestones as we transform mobility with an autonomous, electric vehicle platform. This platform, coupled with our technology, has the power and capability to accelerate the future of mobility," said Olson.

Investors Support Driver-Out Operations

Bringing the company's total raised funding to date to $194 million, the round is expected to increase May Mobility's engineering headcount, expand its global customer base, enhance rider experiences and further invest in technology advancements. With this round of funding, May Mobility has doubled down on its commitment to driver-out operations in 2023. SoftBank, State Farm Ventures, Next Century Ventures, SAIC, Wanxiang, Karma and 10x Group join the list of partners committed to the company's mission of driving a greener, more accessible future through mobility. The round was led by SPARX Group Co., Ltd.'s Mirai Creation Fund II alongside Tokio Marine, Toyota Tsusho, Bridgestone Americas and returning investors Toyota Ventures, Millennium Technology Value Partners, Cyrus Capital Partners, LG Technology Ventures and Maven Ventures, among others.

Gaining Traction with Commercial Partners

With its Series C round, May Mobility also garnered commercial traction with partners leading the adoption of AV technology in the business-to-government and business-to-business sectors. In addition to its previously-announced program with Bridgestone, May Mobility is working on a project with MONET Technologies and SoftBank for an international route in Tokyo.

For more information, visit maymobility.com. 

About May Mobility
May Mobility, established in Ann Arbor, Michigan in 2017, is building the world's best autonomy system. Their proprietary Multi-Policy Decision Making (MPDM) system is at the core of their mission to help make cities safer, greener, and more accessible. MPDM's proven track record has delivered more than 320,000 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, May Mobility aims to achieve the highest standard in rider safety, sustainability, and transportation equity. For more information, visit www.maymobility.com.

About Toyota
Toyota (NYSE:TM) has been a part of the cultural fabric in the U.S. for more than 60 years, and is committed to advancing sustainable, next-generation mobility through our Toyota and Lexus brands, plus our nearly 1,500 dealerships.

Toyota directly employs more than 39,000 people in the U.S. who have contributed to the design, engineering, and assembly of nearly 32 million cars and trucks at our nine manufacturing plants.  By 2025, Toyota's 10th plant in North Carolina will begin to manufacture automotive batteries for electrified vehicles.  With more electrified vehicles on the road than any other automaker, a quarter of the company's 2021 U.S. sales were electrified.

To help inspire the next generation for a career in STEM-based fields, including mobility, Toyota launched its virtual education hub at www.TourToyota.com with an immersive experience and chance to virtually visit many of our U.S. manufacturing facilities. The hub also includes a series of free STEM-based lessons and curriculum through Toyota USA Foundation partners, virtual field trips and more. For more information about Toyota, visit www.ToyotaNewsroom.com.

About State Farm Ventures
State Farm Ventures focuses on investing in start-ups developing technologies and products to fulfill customer needs in ways they may not expect from their insurance company. State Farm Ventures, LLC is a wholly-owned subsidiary and registered trademark of State Farm Mutual Automobile Insurance Company. 

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SOURCE May Mobility

FAQ

What was the total amount raised in May Mobility's Series C funding round?

May Mobility closed a Series C funding round totaling $111 million, bringing their total funding to $194 million.

Which platforms is May Mobility planning to deploy with Toyota?

May Mobility is deploying the Toyota Sienna Autono-MaaS platform and is also beginning development on the e-Palette vehicle platform.

Who are the key investors in May Mobility's recent funding round?

Key investors include Tokio Marine, State Farm Ventures, and various venture capital firms led by SPARX Group.

What is the significance of State Farm Ventures' investment in May Mobility?

State Farm Ventures' investment indicates strong support from the insurance industry for autonomous vehicles, highlighting potential safety improvements.

What are the expected outcomes of the Series C funding for May Mobility?

The funding is expected to enhance engineering headcount, expand the global customer base, and further invest in technology advancements.