May Mobility, a leading U.S. autonomous Transportation-as-a-Service (TaaS) provider, has closed a $50 million Series B round led by Toyota Motor Corporation.
Toyota has also selected May Mobility as one of its partners in the autonomous TaaS segment for future open mobility platforms.
May Mobility is testing autonomous technology in U.S. cities such as Detroit and Grand Rapids.
Edwin Olson, President and Chief Executive Officer of May Mobility, says: “We are 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.”
Keiji Yamamoto, Toyota Operating Officer and President of Toyota’s in-house Connected Company, adds: “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. By working together, we hope to accelerate our efforts at Toyota aimed towards realizing ‘Mobility for All’.”
The Series B round brings the company’s total raised to $84 million to date. The company says it will help fund strategic hires across the engineering and operations functions, and the expansion of the vehicle fleet to meet growing demand for its autonomous shuttle services.
To read our interview with May Mobility’s CEO, click on the link below.