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

Printed: Jul. 12, 2022 at 12:00 PM EDT

May well Mobility proceeds to aim on providing equitable autonomous mobility solutions.

• May well Mobility garners business traction with associates foremost the adoption of AV technological know-how in the organization-to-govt and business enterprise-to-small business sectors, like a project with MONET Systems Inc. and SoftBank Corp. for an international route in Tokyo
• May Mobility will continue on collaborating with Toyota, with a lot more deployments coming in late 2022 with the Sienna Autono-MaaS automobile system and preliminary improvement on Toyota’s e-Palette mobility platform
• Insurance policies conglomerate backs AV know-how, stating prospective reduction in mishaps.

ANN ARBOR, Mich., July 12, 2022 /PRNewswire/ — May possibly Mobility, a leader in the growth and deployment of autonomous vehicle (AV) engineering, today shut a $111 million Series C spherical of funding. On top of that, the corporation options to continue on to go after its deployment courses using the Toyota Sienna Autono-MaaS automobile platform though starting progress on one more car or truck design and style centered all over mobility, Toyota’s e-Palette, signaling the following likely milestone as it seeks new strategies to provide equitable mobility methods to the masses.

“With the shut of this most up-to-date investment spherical, May Mobility will keep on to speed up expansion in our technological know-how, business enhancement and platforms, all with a world wide arrive at,” stated Edwin Olson, CEO of Might Mobility. “Our more traders, as effectively as our continued strategic collaboration with Toyota and other folks, will allow us to march toward driver-out commercial functions in 2023 and empower our enlargement into new marketplaces as we roll out far more Toyota Sienna Autono-MaaS motor vehicles now and look to following era platforms, these types of as the e-Palette.”

Joining Tokio Marine, Point out Farm Ventures^® participated in the round, supporting May Mobility’s growth and starting to be a person of the initial U.S.-based insurers to spend in AVs. With enhancing street security as a vital intention for Could Mobility, the financial investment implies the insurance policy industry’s expanding assist for AV operations to cut down road mishaps.

“The insurance industry sees the potential of mobility and is recognizing the significance of supporting to design the way insurance coverage will support autonomous cars in the future,” stated Ryan Inexperienced, CFO of May Mobility. “Possessing companions like Tokio Marine and Point out Farm Ventures assists expedite that vision for the future of mobility.”

Condition Farm Ventures focuses on investing in start out-ups developing technologies and items to satisfy purchaser desires in approaches they might not hope from their insurance policy company. As the leading U.S. car insurance provider, they look to invest in technologies, expert services and capabilities that strengthen motor vehicle and pedestrian security.

“May well Mobility’s technology is a possible powerful development in the evolution of autonomous driving and may support to lower accidents and improve road security.” reported Michael Remmes, Vice President, State Farm Ventures.

In addition to the new spherical of funding, Might Mobility is also continuing its collaboration with Toyota. Sienna Autono-MaaS motor vehicle platforms modified by Could Mobility have already been launched for screening and demonstrations in Ann Arbor, with other public deployment locations expected in late 2022. The program also features an ADA-compliant up-suit by way of the company’s partnership with Braunability.

In addition, May Mobility has begun preliminary growth work on incorporating the firm’s ADK on to the Toyota e-Palette, a battery-electric powered car or truck platform that is positioned to further change the long term of mobility. With greater rider potential and the growth of additional successful transit solutions designed achievable from a platform like e-Palette, May possibly Mobility will carry on its mission to in the long run reduce targeted traffic and the require for parking loads and garages, building additional livable eco-friendly place.

“We are previously seeing the rewards of working with Toyota’s Sienna Autono-MaaS automobile platform as it was made from the floor up to interface with personal computers, and we glance forward to long run discussions on the use of Toyota’s e-Palette as an interesting possibility to set new milestones as we rework mobility with an autonomous, electrical auto system. This system, coupled with our engineering, has the energy and capability to accelerate the future of mobility,” stated Olson.

Bringing the company’s full elevated funding to day to $194 million, the round is predicted to boost May Mobility’s engineering headcount, broaden its world wide customer base, enhance rider experiences and further more spend in engineering developments. With this spherical of funding, Might Mobility has doubled down on its commitment to driver-out functions in 2023. SoftBank, Point out Farm Ventures, Up coming Century Ventures, SAIC, Wanxiang, Karma and 10x Group join the checklist of associates fully commited to the company’s mission of driving a greener, far more accessible foreseeable future through mobility. The round was led by SPARX Team Co., Ltd.’s Mirai Development Fund II along with Tokio Maritime, Toyota Tsusho, Bridgestone Americas and returning buyers Toyota Ventures, Millennium Technological innovation Benefit Associates, Cyrus Money Associates, LG Technological know-how Ventures and Maven Ventures, amid other individuals.

With its Collection C spherical, May Mobility also garnered commercial traction with associates foremost the adoption of AV technology in the company-to-govt and business-to-small business sectors. In addition to its formerly-announced program with Bridgestone, May possibly Mobility is performing on a venture with MONET Systems and SoftBank for an international route in Tokyo.

For a lot more facts, go to maymobility.com.

About May possibly Mobility
May possibly Mobility, proven in Ann Arbor, Michigan in 2017, is setting up the world’s most effective autonomy program. Their proprietary Multi-Policy Final decision Generating (MPDM) procedure is at the core of their mission to assistance make cities safer, greener, and extra accessible. MPDM’s established track report has shipped far more than 320,000 autonomy-enabled rides to date in many public transit applications throughout the U.S. and Japan. With crucial strategic partnerships which include some of the world’s most progressive automotive and transportation businesses, these as Toyota Motor Corporation, May perhaps Mobility aims to achieve the optimum conventional in rider protection, sustainability, and transportation fairness. For additional data, stop by www.maymobility.com.

About Toyota
Toyota (NYSE:TM) has been a element of the cultural material in the U.S. for far more than 60 years, and is committed to advancing sustainable, next-technology mobility by way of our Toyota and Lexus manufacturers, in addition our nearly 1,500 dealerships.

Toyota right employs additional than 39,000 people in the U.S. who have contributed to the structure, engineering, and assembly of almost 32 million automobiles and trucks at our 9 manufacturing plants.  By 2025, Toyota’s 10th plant in North Carolina will commence to manufacture automotive batteries for electrified automobiles.  With additional electrified automobiles on the road than any other automaker, a quarter of the firm’s 2021 U.S. product sales were being electrified.

To aid encourage the subsequent era for a profession in STEM-based fields, like mobility, Toyota launched its digital training hub at www.TourToyota.com with an immersive working experience and possibility to virtually pay a visit to lots of of our U.S. producing amenities. The hub also consists of a series of cost-free STEM-based classes and curriculum by way of Toyota Usa Foundation partners, digital subject outings and extra. For far more details about Toyota, visit www.ToyotaNewsroom.com.

About Point out Farm Ventures
Condition Farm Ventures focuses on investing in start out-ups establishing systems and items to satisfy purchaser requirements in techniques they may possibly not count on from their insurance corporation. Point out Farm Ventures, LLC is a wholly-owned subsidiary and registered trademark of Point out Farm Mutual Automobile Insurance policy Organization.

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