Next Century Ventures, the corporate venture capital fund
- CVC strengthens its presence by selecting autonomous driving as the second area of investment after its initial commitment in UAM
- NEXEN TIRE proactively paves the way for the next phase of the mobility revolution
SEOUL, South Korea, July 13. 11, 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 vehicles (AV), to fulfill NCV’s mission to transform the status quo of the mobility industry.
Founded in the United States in 2017, May Mobility works with cities and private entities across the United States and Japan to deploy AV vehicles that fill transportation gaps, including the highways of Michigan, ‘Indiana and Texas, as well as the city of Higashi-Hiroshima, Japan. In addition, it is expanding its business scope through cooperation with mobility companies such as MONET Technologies and Via Transportation. Besides NEXEN TIRE, the main investors are Toyota, BMW and LG Technology Ventures.
“May Mobility is committed to advancing mobility with autonomous technology solutions that will make transportation safer, more sustainable, accessible and equitable for everyone,” said Edwin Olson, CEO of May Mobility. “NCV represents another global strategic partner aligned with our mission, enabling us to scale our technology and business operations faster.”
Launched in March 2021 through a joint investment with NEXEN CORP, the holding company of NEXEN TIRE, NCV has announced plans to accelerate the company’s vision to improve overall customer mobility beyond tires by targeting contractors innovators who have 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 in neighborhoods underserved by 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 daily lives,” said Bon Hyong Goo, CEO of Next Century Ventures. “We will continue to support the efforts and pursuits of innovative entrepreneurs, ultimately achieving 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 fastest growing tire manufacturers in the world, currently interacts with approximately 150 countries around the world and has four manufacturing plants – two in Korea (Yangsan and Changnyeong) and one in Qingdao, China. China. Another plant in Žatec, Czech Republic also started operations in 2019. Nexen Tire produces tires for passenger cars, SUVs and light trucks with state-of-the-art technology and design excellence. Nexen Tire supplies OE tires to global automakers in various countries around the world. In 2014, the company won for the first time a grand slam among the top 4 design awards in the world among the various tire manufacturers in the world.
For more information, please visit http://www.nexentire.com/international/.
May Mobility, established in Ann Arbor, Michigan in 2017, builds the best self-driving system in the world. Their proprietary Multi-Policy Decision-Making (MPDM) system is at the heart of their mission to help make cities safer, greener and more accessible. MPDM’s proven track record has to date provided over 320,000 autonomous rides in multiple transit applications in the United States 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 standards in driver safety, sustainability and fairness. transport. 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