On Thursday, U.S.-based parking operator Metropolis Technologies revealed that it had successfully garnered $1.6 billion in funding. With this infusion of capital, the company aims to expand its operations beyond the realm of AI-driven smart parking and into areas like retail, dining, and gas stations. Metropolis harnesses the power of artificial intelligence and computer vision technology for vehicle identification. By utilizing cameras and license plate readers, it can recognize the vehicles of registered users, enabling drivers to seamlessly enter and exit parking facilities without the need to halt and make payments.

This latest funding round encompasses $500 million in Series D equity financing, with LionTree Partners taking the lead. Following this funding, the company's valuation soared to $5 billion. Other participants in this round included SoftBank Vision Fund, Vista Equity Partners, BDT & MSD Partners, and Eldridge. Furthermore, Metropolis secured a $1.1 billion syndicated term loan, with JPMorgan Chase at the helm.

The freshly acquired funds will be channeled towards hiring technical experts, expediting product development, and rolling out its recognition and payment automation technology in new sectors. These include drive-thru restaurants, gas stations, and hotels. Metropolis has ambitious plans to introduce this technology to the hospitality sector, automating payment and check-in procedures, and generating revenue from relevant businesses through a software subscription model.