“This fundraising is a strong validation of May’s proven business model and provides the fuel and momentum to realize our next phase of growth.” – Edwin Olson, CEO and co-founder, May Mobility

May Mobility, a pioneer in autonomous vehicle (AV) technology, has successfully closed a Series D funding round, securing $105 million in all-equity investments. This round was led by NTT Group (TYO: 9432), a major Japanese telecommunications company, and included contributions from both new and existing investors such as Toyota Ventures, Aioi Nissay Dowa Insurance Company, State Farm Ventures, BMW i Ventures, Cyrus Capital, and Trucks Venture Capital. This funding round boosts May Mobility’s total funding to approximately $300 million.

The capital raised will be instrumental in accelerating the development and commercialization of May Mobility’s AV technology and services across the United States, Canada, and Japan. Furthermore, it will aid in expanding the company’s operations and achieving profitability.

NTT Group’s involvement in the funding has granted them exclusive distribution rights for May Mobility’s proprietary AV technology in Japan. Collaborating with Toyota Motor Corporation (TYO: 7203), the two companies intend to create an autonomous driving ecosystem, utilizing May Mobility’s technology to enhance transportation networks in Japan.

May Mobility aims to transform urban areas through AV technology, enhancing accessibility, sustainability, and road safety while addressing gaps in transportation infrastructure. They adopt a business-to-government (B2G) and business-to-business (B2B) strategy, partnering with cities and government agencies to address transportation challenges.

A distinguishing feature of May Mobility’s AV technology is its Multi-Policy Decision Making (MPDM), which can adaptively handle novel situations. This technology enables May Mobility to expand to new markets with reduced capital requirements compared to other AV systems. The company has already deployed AVs in 12 cities in the U.S. and Japan.

May Mobility’s recent and upcoming deployments in the United States include cities like Arlington, Ann Arbor, Contra Costa, Detroit, Grand Rapids, and Sun City, with more planned in the near future. This funding reinforces the company’s commitment to making transportation safer, more sustainable, and accessible for all.

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