May Mobility secures credit facility from Sumitomo Mitsui Banking Corporation

$15 million of non-dilutive growth capital financing provides additional liquidity and serves as a proof point for company’s continued growth and success

  • New line of credit indicative of the confidence of the banking community with the company.
  • May Mobility recently closed on $111 million Series C funding to be used to deliver equitable autonomous mobility solutions.

May Mobility, a leader in the development and deployment of autonomous vehicle (AV) technology, today announced it has secured a new $15 million line of credit from Sumitomo Mitsui Banking Corporation (SMBC) with a four-year loan term.

“We are excited to work with SMBC and view this credit agreement as the beginning of a long term relationship,” said Ryan Green, Chief Financial Officer of May Mobility. “Coupled with our latest close of Series C funding, this debt facility provides additional liquidity to assist in the advancement of our autonomous mobility business.” 

May Mobility recently closed on a $111 million Series C round of funding that is going to be used to deliver equitable autonomous mobility solutions. 

May Mobility topples milestones with newly announced Grand Rapids, Minn. deployment

We’re excited to announce our next deployment in Grand Rapids, Minn. to launch this fall!

The Grand Rapids deployment marks several firsts for our company and the autonomous vehicle (AV) industry. Grand Rapids will receive the first commercial launch of the Toyota Sienna Autono-MaaS (S-AM) and will also host our largest on-demand area yet. May Mobility’s first rural AV route also puts accessibility and equity at the forefront with the inclusion of three first-ever ADA-compliant S-AM vehicles to better serve the Grand Rapids community. 

“This first-of-its-kind deployment is a pivotal next step for May Mobility, demonstrating our commitment to transportation accessibility and equity,” said Edwin Olson, CEO of May Mobility. “We look forward to continuing to collaborate with the city and our partners to meet the community needs and highlight the enormous opportunity for AVs to solve gaps in existing infrastructure.”

 

The pilot, called goMARTI, will offer free, on-demand rides to Grand Rapids visitors, employees and residents. The area will encompass more than 70 pickup and dropoff points spanning nearly 17 square miles, including restaurants, stores, fitness centers, pharmacies, churches, schools, entertainment and more. The deployment will offer locals daytime and evening services. 

“This project was developed with the collective voices of the Grand Rapids community,” said Praveena Ramaswami, community engagement manager for May Mobility. “We worked closely with the residents, businesses, and area organizations to understand how best to meet their needs, to help improve mobility and create greater access to their thriving city.”

Key project partners include the Minnesota Department of Transportation, the City of Grand Rapids, Department of Iron Range Resources & Rehabilitation, Itasca County, The PLUM Catalyst, Via, University of Minnesota, Arrowhead Transit and Mobility Mania among others.

During the deployment, we hope to: 

  • Advance and inform the operation of automated vehicle technology in rural, winter conditions
  • Engage and educate the local community by providing real-world AV experiences 
  • Provide safe, accessible mobility for residents, especially those with transportation challenges
  • Understand what economic development this innovative pilot brings while attracting future talent and technology to the Iron Range

For more information and updates about goMARTI, visit gomarti.com.