Next Century Ventures, the corporate venture capital fund of NEXEN TIRE, invests in May Mobility, a U.S.-based autonomous shuttle startup

Seoul, KOREA, REPUBLIC OF


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SEOUL, South Korea, July 13, 2022 (GLOBE NEWSWIRE) -- Next Century Ventures (NCV), the corporate venture capital arm of NEXEN TIRE, announced that it has invested in May Mobility, a leader in the development and deployment of autonomous vehicle (AV) technology, to fulfill NCV’s mission to transform the status quo of the mobility industry.

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, it is expanding its business area through cooperation with mobility companies such as MONET Technologies and Via Transportation. Along with NEXEN TIRE, major investors include Toyota, BMW, and LG Technology Ventures.

“May Mobility is committed to advancing mobility with autonomous technology solutions that will make transportation more safe, sustainable, accessible and equitable for everyone,” said Edwin Olson, CEO of May Mobility. “NCV represents another international strategic partner aligned with our mission, which enables us to more rapidly scale our technology and commercial operations.”

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). In December 2021, NCV made its inaugural investment in ANRA Technologies, a leading international provider of drone traffic management solutions.

“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,” said 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.”

About Nexen Tire

Nexen Tire, established in 1942, is a global tire manufacturer headquartered in South Korea. Nexen Tire, one of the world’s fastest growing tire manufacturers, currently interacts with approximately 150 countries around the world and owns four manufacturing plants – two in Korea (Yangsan and Changnyeong) and one in Qingdao, China. Another plant in Žatec, the Czech Republic has also begun operation in 2019. Nexen Tire produces tires for passenger cars, SUVs, and light trucks with advanced technology and excellence in design. Nexen Tire supplies OE tires to global car makers in various countries around the world. In 2014, the company achieved a grand slam of the world’s top 4 design awards for the first time amongst the various tire makers in the world.

For more information, please visit http://www.nexentire.com/international/.

About May Mobility

May Mobility, established in Ann Arbor, Michigan in 2017, is building the world's best autonomy system. Their proprietary Multi-Policy Decision Making (MPDM) system is at the core of their mission to help make cities safer, greener, and more accessible. MPDM's proven track record has delivered more than 320,000 autonomy-enabled rides to date in several public transit applications across the U.S. and Japan. With key strategic partnerships including some of the world's most innovative automotive and transportation companies, such as Toyota Motor Corporation, May Mobility aims to achieve the highest standard in rider safety, sustainability, and transportation equity. For more information, visit www.maymobility.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d2ebf2e9-6fb8-484f-acd8-185d25c69a53

 

 
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