Self-driving tech startup Might Mobility has added to its Sequence C funding spherical and now raised funding totaling $111 million. The cash will allow the corporate so as to add engineers and incorporate its system on a brand new automobile platform.
The recent funds will underpin the corporate’s ongoing work with Toyota Motor Corp., which has been a longtime backer of the Ann Arbor, Mich.- primarily based group. Might Mobility’s work on autonomous Toyota Sienna minivans, known as the Autono-MaaS will proceed, with a industrial launch of service anticipated this yr.
Additional, Might Mobility says it is going to start preliminary work integrating its self-driving programs on the Toyota e-Palette, a battery-electric automobile anticipated to sometime function in Toyota’s Woven Metropolis — a prototype metropolis of the longer term — and past.
New funding comes from State Farm Ventures, a subsidiary of the auto insurance coverage firm of the identical title. Phrases of its participation weren’t disclosed. Might Mobility had said in January it had raised $85 million as a part of the Sequence C spherical, which is now closed.
SoftBank, Subsequent Century Ventures and 10x Group are amongst different corporations to companion with Might Mobility on this newest spherical. With its funding, State Farm will turn out to be one of many first U.S.-based insurers to put money into autonomous autos. It’s the second main insurer to put money into Might Mobility, after Tokyo-based Tokio Marine.
“The insurance coverage trade sees the way forward for mobility and is recognizing the significance of serving to to design the best way insurance coverage will help autonomous autos sooner or later,” Ryan Inexperienced, CFO of Might Mobility, stated in a launch. “Having companions like Tokio Marine and State Farm Ventures helps expedite that imaginative and prescient for the way forward for mobility.”
