SoftBank-backed Metropolis raises $1.6 billion to expand beyond AI-powered parking lots

Metropolis Technologies, a US operator of parking lots that uses artificial intelligence and computer vision to recognize vehicles, has raised $1.6 billion in fresh capital to extend its technology into sectors such as retail, restaurants and gas stations, the company said on Thursday.

The funding includes a $500 million Series D equity round led by LionTree that valued the company at $5 billion. SoftBank Vision Fund, Vista Equity Partners, BDT & MSD Partners and Eldridge also participated in the round.

The Los Angeles-based company also secured a $1.1…