May Mobility has raised $105 million (€98.4 million) in a Series D round as part of its ongoing fundraising efforts.
The all-equity round was led by the NTT Group, with further funding from autonomous technology company’s existing financial and strategic investors – including Toyota Ventures, Aioi Nissay Dowa Insurance Company, State Farm Ventures, BMW i Ventures, Cyrus Capital and Trucks Venture Capital. Following its prior Series B and Series C funding rounds, this latest round brings May Mobility’s total funding to approximately $300 million.
The company plans to use the proceeds to accelerate the advancement and commercialization of its AV technology and services in the U.S, Canada and Japan. The funding will also help the company to scale operations and reach profitability.
Through its investment in the company, the NTT Group acquired the necessary rights to distribute May Mobility’s proprietary autonomous vehicle technology throughout Japan. Together, NTT and May Mobility will work with the Toyota Motor Corporation to develop an autonomous driving ecosystem, partnering with local stakeholders to deploy May Mobility-equipped AVs across a variety of vehicle platforms. The companies will further leverage May Mobility’s technology to enhance Japanese transportation networks.