May Mobility Announces $105mn Investment Round led by Japan's NTT Group

May Mobility, a US developer of autonomous vehicle (AV) technology, has closed a $105 million Series D round as part of its ongoing fundraising efforts. The round has been led by Japanese telecommunications group, NTT Group.

This latest round brings its total funding to approximately $300 million to date.

The company's other investors include BMW and Toyota Motor Corporation.

It will use the proceeds to accelerate the advancement and commercialisation of its AV technology and services in the United States, Canada and Japan.

Additionally, the funding will assist in scaling operations and pave a path for the company to reach profitability.

With this investment, NTT Group has acquired the exclusive rights to distribute May Mobility's proprietary autonomous vehicle technology throughout Japan.

The companies will work with Toyota Motor Corporation to develop an autonomous driving ecosystem, to deploy May Mobility-equipped AVs across a variety of vehicle platforms. 

May Mobility has deployed its AVs in 12 cities in the US and Japan.

Edwin Olson, CEO and co-founder of May Mobility, says: "Our success in 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. Our approach has been to work with best-in-class partners to bring our technology and services to market and we're excited to partner with a leading multinational technology firm of NTT's caliber and to develop our business in Japan together."

Olson adds: "Autonomous transportation has a significant role to play in transforming our cities and improving our lives. With this financing, we expect to expand our vision of making transportation more safe, sustainable and accessible for all." 

May Mobility's recent deployments and upcoming sites in the US include Arlington, Texas, Ann Arbor, Michigan, Contra Costa, California, Detroit, Michigan, Grand Rapids, Minnesota, and Sun City, Arizona.