Metropolis raised $500 million in a Series D round led by LionTree, valuing the company at approximately $5 billion, focused on enhancing AI-driven parking solutions.

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The combined platform will seek to bring checkout-free payment experiences to consumers. The company equips existing parking structures with a computer vision system that enables customers to “drive in and drive out” without having to swipe a credit card or pay with cash. For example, the startup — which recently announced a team-up with Uber to launch Uber Park — uses insights from its platform to inform staffing, pricing and maintenance at parking facilities, also partnering with local businesses like grocery stores, coffee shops and other merchants to promote products. The transaction has been unanimously approved by Metropolis’ and SP Plus’ boards of directors and is expected to close in 2024, the companies say, subject customary closing conditions, regulatory approvals and the approval of SP Plus’ stockholders. founded Metropolis in 2017. Following its acquisition of Premier Parking last year, a Nashville-based company that operates parking garages and spaces around the U.S., Metropolis claims to have operations in more than 360 cities, millions of customers and over $4 billion in processed payments annually.