The Toyota Motor Corporation is leading a $50 million Series B round into autonomous transportation-as-a-service startup May Mobility.
SPARX Group, Millennium Technology Value Partners, Cyrus Capital Partners, BMW iVentures and Toyota AI Ventures also participated in the round.
Says Keiji Yamamoto, operating officer and president of Toyota’s in-house connected company: “May Mobility already has a track record of commercializing autonomous driving shuttles in the U.S., and we see this as an exciting opportunity to collaborate with a seasoned partner in this area.”
The deal brings May Mobility’s funding total funding to date to $84 million, with Toyota AI ventures participating in both the seed round and Series A round.
May Mobility says it will use the additional funding to hire more engineers and expand its vehicle fleet.
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The Ann Arbor, Michigan-based firm focuses on deploying autonomous shuttles in high-density areas to address common city pain points such as gridlock and wait times.
Since launching in January 2017, May Mobility has provided more than 170,000 revenue-generating rides in Detroit and Grand Rapids, Michigan, and Providence, Rhode Island.
Edwin Olson, May Mobility president and CEO, says the company is “extremely excited to partner with Toyota and our other investors in this next phase of growth for our company.
“This round will help us accelerate our path to executing our vision, leveraging our best-in-class software stack and continuing to tap into the $28 billion U.S. first and last mile transportation market.”