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May Mobility raises $22 million for self-driving shuttles

Source:   ( Home & Auto > Auto )

Feb 12, 2019 1:34 PM 1+ week ago

May Mobility DETROIT May Mobility, a self-driving shuttle provider based in Ann Arbor, Mich., has raised a new round of funding that will help the company expand its fledgling operations. The company on Tuesday said it received $22 million during a Series A round co-led by Millennium New Horizons and Cyrus Capital Partners. Previous investors, including the venture capital arms of BMW and Toyota, also participated. Previously, May Mobility raised $11.5 million in a seed round of funding last February from seven investors. In June, May Mobility began commercial self-driving service in downtown Detroit and has since started running routes in Columbus, Ohio. Human safety drivers remain aboard the company's six-seat shuttles, which connect passengers along defined routes. The company has plans to launch additional service in Providence, R.I., this spring followed by service in Grand Rapids, Mich., this summer. May Mobility doesn't sell its shuttles to customers. Instead, it provides turnkey service and maintains control of the shuttles and fleet management one aspect of the company, which has caught the attention of cities and investors. "Millennium has spent the past few years researching the mobility market, and May Mobility stands out to be the only company that has delivered a real-world, here-and-now transportation solution in a technologically feasible and economically viable manner," said Ray Cheng, partner at Millennium New Horizons. The company's self-driving systems, which include hardware and software, are installed on shuttles based on the Polaris GEM platform. A cloud-based repository gathers information on vehicle diagnostics, ridership trends and fleet location. Shuttles hold the potential to help solve the long-standing transportation challenge of connecting commuters with their final destinations the so-called "first-mile, last-mile" problem. In Detroit, May Mobility's shuttles began providing a link between parking garages and the offices of Bedrock, the commercial real estate firm owned by Dan Read more.

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