Metropolis secures $1.6B to bring AI recognition platform to new verticals

AI-powered real-time recognition platform Metropolis, which acquired Israeli biometrics firm Oosto in January, has announced US$1.6 billion in financing, bringing the company’s valuation to approximately $5 billion.

The $1.6 billion includes a $1.1 billion Term Loan B arranged by JPMorgan Chase Bank, N.A. and around $500 million in a Series D led by a LionTree-managed fund. Other participants in the funding round included BDT & MSD Partners’ affiliated credit funds, DFJ, Eldridge Industries, Slow Ventures, SoftBank Vision Fund 2, Tekne Capital and Vista.

The California-headquartered company is primarily known for automating parking lots with technologies such as computer vision, used for vehicle recognition. The firm is present at more than 4,200 locations.

Over the past year, Metropolis expanded beyond parking, bringing its tech to gas stations, quick-serve restaurants and more. In January, it added products such as live facial recognition, access control and video analytics to its portfolio by acquiring Oosto for $125 million.

“Metropolis is demonstrating that AI can be thoughtfully commercialized at real-world scale,” says Ramin Arani, Head of Investments at LionTree. “From mobility to retail and hospitality, Alex and his team are developing innovative solutions as part of a generational opportunity to create an enduring, smarter environment for consumers.”

Metropolis says that it plans to use the fresh funds to further expand into new verticals and markets, including fueling, retail, hotels, office spaces – and even stadiums. The firm says it has operations in 40 countries worldwide.

“With this new capital, we’re continuing to scale our platform and forge the foundation of the Recognition Economy, building a new paradigm for how AI is deployed in the real world,” says Alex Israel, Metropolis CEO and co-founder.

Article Topics

biometrics  |  computer vision  |  funding  |  Metropolis