Metropolis Technologies

Last updated
Metropolis Technologies
Industry Artificial intelligence
Parking industry
Founded2017;7 years ago (2017)
FounderAlexander Israel (CEO)
Travis Kell
Peter Fisher
Courtney Fukuda
Headquarters
Number of employees
20,000+ (2024)
Subsidiaries SP Plus Corporation
Website metropolis.io

Metropolis Technologies is an American technology company headquartered in Santa Monica, California. As of 2024, it is the largest parking operator in North America. [1]

History

The company was founded in Venice, Los Angeles in 2017 by CEO Alexander Israel, [2] with co-founders Travis Kell, Peter Fisher and Courtney Fukuda. [3] The company uses computer vision and deep learning algorithms to recognize registered members' vehicles [4] and process payments automatically through a mobile application. [5]

In 2022, Metropolis Technologies acquired the Nashville based company Premier Parking in 2022. As part of the merger, Premier CEO Ryan Hunt joined Metropolis as chief revenue officer. [6]

In 2023, the company raised $1.8 billion in funding, led by investors Eldridge and 3L, [7] before its $1.5 billion acquisition of SP Plus Corporation. [8] The deal was completed in 2024, taking SP Plus private. [9] This merger made it the largest parking operator in North America. [10]

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References

  1. Sichko, Adam (May 20, 2024). "Metropolis Technologies expands Nashville 'co-headquarters' after $1.5 billion purchase of SP Plus". Nashville Business Journal.
  2. Mazza, Sandy. "A.I.-tech firm Metropolis acquires Nashville-based Premier Parking". The Tennessean. Retrieved 2024-11-01.
  3. "Metropolis, Eyeing Growth, Closes $1.5B Deal for Parking Company". Los Angeles Business Journal. 2024-06-17. Retrieved 2024-11-01.
  4. Madler, Mark R. (June 27, 2022). "Metropolis Raises $167M Series B Funding". LA Business Journal .
  5. "Metropolis CEO Alex Israel on Parking's Future - dot.LA". dot.la. Retrieved 2024-11-01.
  6. Mazza, Sandy. "A.I.-tech firm Metropolis acquires Nashville-based Premier Parking". The Tennessean. Retrieved 2024-11-01.
  7. Wiggers, Kyle (2023-10-05). "AI-powered parking platform Metropolis raises $1.7B to acquire SP Plus". TechCrunch. Retrieved 2024-11-01.
  8. "Metropolis Technologies, Inc. to Acquire SP Plus Corporation for $1.5 Billion". Los Angeles Times. 2023-10-06. Retrieved 2024-11-01.
  9. Vinn, Milana (October 5, 2023). "Parking platform Metropolis agrees to buy SP Plus for $1.5 billion". Reuters .
  10. Sichko, Adam (May 20, 2024). "Metropolis Technologies expands Nashville 'co-headquarters' after $1.5 billion purchase of SP Plus". Nashville Business Journal.