May Mobility Raises $83 Million for AV Shuttle
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May Mobility Inc., a self-driving shuttle startup backed by the venture arms of Toyota Motor Corp. and BMW AG, raised $83 million in its largest funding round to date.
The Ann Arbor, Mich.-based company operates 25 autonomous vehicles in five cities including Arlington, Texas, and Hiroshima, Japan. Over the next two years, May will use the money to advance its self-driving software to the point that it can remove human safety drivers from shuttles and replace them with remote supervisors who can monitor several vehicles at once.
Increasing the ratio of robot cars to humans will allow May to become profitable, executives said.
We're proud to announce the initial close of our Series C funding, which we'll use to increase engineering headcount, expand our customer pool, enhance rider experience, and launch driver-out operations in 2023.
Read more: https://t.co/9DdJijeENT — May Mobility (@May_Mobility) January 26, 2022
The Series C funding round was led by Mirai Creation Fund II, managed by Sparx Group Co.; new investors included insurance company Tokio Marine Holdings and Toyota Tsusho Corp., the trading arm of Toyota. The company has raised $166 million in total and says it has provided more than 300,000 revenue-generating rides.
May sells its low-speed shuttle services to cities and businesses, rather than pursuing a robotaxi model pursued by more deep-pocketed peers such as Waymo and Cruise. This year it plans to convert its fleet from hybrid Lexus SUVs to hybrid Toyota Sienna minivans.
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