Insurers are backing autonomous vehicle technology

Tokio Marine and State Farm Ventures backed May Mobility, which develops autonomous vehicle technology, in its recent $111m Series C round.

The round was led by SPARX Group Co., Ltd.’s Mirai Creation Fund II alongside Tokio Marine, Toyota Tsusho, Bridgestone Americas and returning investors Toyota Ventures, Millennium Technology Value Partners, Cyrus Capital Partners, LG Technology Ventures and Maven Ventures, and others.

Established in Michigan in 2017, May Mobility said it is “building the world’s best autonomy system”. With partnerships including some of the world’s most innovative automotive and transportation companies, such as Toyota Motor Corporation, May Mobility is on a mission to achieve the highest standard in rider safety, sustainability, and seek new ways to bring equitable mobility solutions to the masses.

The investments from the likes of Tokio Marine are indicative of the insurance industry’s growing support for autonomous vehicle technology to reduce road accidents.

Ryan Green, CFO of May Mobility, said, “The insurance industry sees the future of mobility and is recognizing the importance of helping to design the way insurance will support autonomous vehicles in the future. Having partners like Tokio Marine and State Farm Ventures helps expedite that vision for the future of mobility.”

Global insurer and reinsurer SiriusPoint recently invested in the autonomous vehicle revolution technology via a partnership with managing general agent (MGA) Avinew.

Copyright © 2022 FinTech Global

Enjoying the stories?

Subscribe to our weekly InsurTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.