Toyota Motor leads $50m funding in US-based startup May Mobility

May Mobility, a US-based self-driving shuttle service provider, announced on Thursday that it has raised $50 million in a Series B round led by Toyota Motor Corporation.

The round also saw the participation of SPARX Group and existing investors Millennium Technology Value Partners, Cyrus Capital Partners, BMW iVentures, and Toyota AI Ventures.

The corpus raised will help the company make strategic recruitments across functions such as engineering and operations, besides helping it expand its vehicle fleet to meet growing demand.

“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 US first and last-mile transportation market,” said May Mobility president and chief executive officer Edwin Olson.

The Series B funding round brings the company’s total capital raised to $84 million. Additionally, Toyota has also selected May Mobility as one of its partners in the autonomous TaaS segment for future open mobility platforms.

The startup, which has provided over 170,000 revenue-generating rides, deploys its six-seat shuttle on the high-density areas, aiming to ease problems pertaining to gridlock, wait times, accessibility and availability.

“May Mobility already has a track record of commercialising autonomous driving shuttles in the US, and we see this as an exciting opportunity to collaborate with a seasoned partner in this area,” said Keiji Yamamoto, Toyota Operating Officer and President of Toyota’s in-house Connected Company.

In February this year, the startup raised $22 million in series A round led by Millennium New Horizons and Cyrus Capital Partners, along with LG Technology Ventures, Thayer Ventures, and existing investors BMW i Ventures, Maven Ventures, Toyota AI Ventures, and Y Combinator.

The Series A round came immediately after the startup raised $11.5 million seed round in February.

According to a study by Oregon-based Allied Market Research, the global market for autonomous driving is estimated to be worth $54.23 billion in 2019, which will rise to $556.67 billion by 2026, with an annual compound annual growth rate of 39.47 per cent.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.