Next Century Ventures (NCV), the corporate venture capital arm of NEXEN TIRE, has invested in May Mobility, a leader in the development and deployment of autonomous vehicle (AV) technology. May Mobility recently closed a $111 million Series C round of funding.
Along with South Korea’s NEXEN TIRE, major investors include Toyota, BMW, and LG Technology Ventures.
Founded in the U.S. in 2017, May Mobility works with cities and private entities across the U.S. and Japan to deploy AVs that bridge gaps in transportation, including routes in Michigan, Indiana and Texas, as well as Higashi-Hiroshima City, Japan.
In addition to the new round of funding, May Mobility is also continuing its collaboration with Toyota.
Sienna Autono-MaaS vehicle platforms modified by May Mobility have already been launched for testing and demonstrations in Ann Arbor, with other public deployment locations anticipated in late 2022
Edwin Olson, CEO of May Mobility, says: “May Mobility is committed to advancing mobility with autonomous technology solutions that will make transportation more safe, sustainable, accessible and equitable for everyone. NCV represents another international strategic partner aligned with our mission, which enables us to more rapidly scale our technology and commercial operations.”
“May Mobility strives to complement existing transit networks as well as connect commuters from neighborhoods underserved by public transit. This passion is in line with our brand philosophy, ‘Next Level Mobility for All’ which reflects NEXEN TIRE’s vision to create a world where mobility brings joy to our everyday lives,” adds Bon Hyong Goo, CEO of Next Century Ventures. “We will continue to support the efforts and pursuits of innovative entrepreneurs, ultimately fulfilling the goal of becoming a global mobility company.”
Launched in March 2021 via a joint investment with NEXEN CORP, the holding company of NEXEN TIRE, NCV announced plans to accelerate the corporate vision of improving overall customer mobility beyond tires by targeting innovative entrepreneurs that possess expertise in technologies such as autonomous vehicles, electric vehicles, artificial intelligence, and mobility-as-a-service (MaaS).