Autonomous vehicle technology specialist May Mobility has raised $83 million in a Series C round.
The investment was led by Sparx Group’s Mirai Creation Fund II with previous investors including Toyota Ventures and BMW i Ventures also involved.
The company, which has services in nine cities, says the financing will go toward international expansion, technology development and recruitment in engineering.
May Mobility has raised $166 million to date but the close of its Series C is not expected until the end of the first quarter of 2022.
Edwin Olson, CEO of May Mobility, says: “With this initial Series C funding, our latest group of global strategic investment partners will enable us to rapidly deploy our technology on Toyota's autonomous-ready platforms, including the Sienna Autono-MaaS. We will continue to challenge the status quo of transit by reshaping the future of the AV industry.”
Shuhei Abe, president of Sparx Group, says: “Automated vehicles will play a significant role in addressing urgent social issues such as environmental problems, aging infrastructure and labor shortages. May Mobility is engaged in research and deployments aimed at the implementation of automated driving technology that can be on the road today, not someday.”
Earlier this month, U.K.-based Wayve announced $200 million in new funding for its autonomous mobility technology.