The funding will help May Mobility accelerate customer acquisition and enhance its technology. Here are the top-line bullets you need to know.
May Mobility, an autonomous vehicle (AV) shuttle company, has raised $83M in a Series C. The round drew participation from Mirai Creation Fund, BMW i Ventures, Toyota Ventures, Toyota Tsusho, and Bay Lake Ventures, among others.
HOW’S THE COMPANY PERFORMING?
- Michigan-based May Mobility develops and deploys fleets of autonomous vehicles in partnership with state transit agencies, cities, and private enterprises.
- The company has facilitated more than 300K revenue-generating rides so far.
- It operates in 9 locations across the US and Japan.
- May Mobility has established partnerships with Gentex Corporation, Via, Monet, and Hiroshima University.
Source: May Mobility
WHY DOES THE MARKET MATTER?
- The global advanced driver assistance system market is expected to reach a value of $77.8B by 2027, growing at a CAGR of 18.8%, according to Global Industry Analysts.
- Autonomous vehicle tech is expected to go mainstream over the next 2 decades — and 40+ major corporates, including Google, Apple, and Mercedes Benz, have already launched self-driving vehicle initiatives.
- The Covid-19 pandemic has given autonomous driving technology a boost, as it can serve as a contactless, safe option for personal mobility and delivery services.
