TaaS Provider May Mobility Raised $50M in Series B Round of Financing

By StartUp City | Saturday, December 21, 2019

May Mobility, one of the prominent providers of autonomous Transportation as a Service, raised $50 million in series B round of financing. The financing round was led by Toyota Motor Corporation

Fremont, CA: May Mobility, one of the leading providers of autonomous Transportation-as-a-Service, raised $50 million in series B round of financing. The financing round was led by Toyota Motor Corporation along with other participants such as SPARX Group, Millennium Technology Value Partners, BMW iVentures, Cyrus Capital Partners, and Toyota AI Ventures. The company will use the raised fund to make strategic hires across engineering and other operational functions and expand the vehicle fleet service to meet the ever growing demand.

Additionally, Toyota Motor Corporation also selected May Mobility as a partner in autonomous Transportation as a Service to open up mobility platforms in the future.

May Mobility designs methods to transform the cities through autonomous technologies to create a world that is much safer, cleaner, and more accessible. The company is focusing on re-imaging the transportation service by deploying the autonomous shuttles to help the customer to get where ever they want, safely and comfortably. The company is focused on building the First-Mile-Last-Mile transportation system i

n the United States, especially in the urban part. The service is available in densely populated area to help both the riders as well as the cities solve gridlock, wait times, accessibility, and availability problems.The company's current fleet for electric vehicles offers more than 170,000 revenue-generating rides along with an enterprise service working for both the public and private sectors. With the launch of every new facility, the organization is expanding its technical expertise by solving several mobility needs.

The company's CEO, Edwin Olson stated that they are incredibly pleased to partner with Toyota and all the other investors. The funds will help the organization to accelerate the path for the execution of the goals by leveraging the best software solution, thereby continuing to tap into $28 billion U.S first and last-mile transportation market.

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