13. Metropolis
Specializing in checkout-free payment systems, Metropolis Technologies has rapidly emerged as a significant player in AI-driven urban infrastructure. With over 4,000 locations, the company is the largest parking network in North America. It services more than 50 million customers a year, adding 20,000 members daily and processing over $5 billion worth of payments, according to the company. Leveraging computer vision and machine learning, Metropolis has modernized parking infrastructure, automating vehicle recognition and payment processes, and eliminating traditional barriers like tickets and payment kiosks.
Its business has grown rapidly in part through acquisitions. It completed a $1.5 billion acquisition of 100-year-old SP Plus Corporation in May 2024, North America's largest parking network operator. The deal involved Metropolis closing $1.8 billion in Series C financing, making it the largest venture-backed M&A deal last year.
In January, it made an acquisition on the tech side of its business model, buying Oosto, formerly known as AnyVision, for $125 million. Oosto specializes in facial recognition and threat detection technologies, serving sectors like retail, health care, and gaming, an acquisition aimed to enhance Metropolis's AI capabilities beyond parking solutions.
"Oosto has built an unparalleled reputation for delivering AI that performs seamlessly in the real world," Metropolis co-founder and CEO Alex Israel said in a release. "During customer visits, we were deeply impressed by Oosto's ability to execute flawlessly, even in the most complex environments — whether it's a bustling transit hub, a high-security venue, or a casino floor."
Metropolis opened an office in Nashville in November 2024 due to the potential for growth in the local tech sector, making it a co-headquarters with Los Angeles. Co-founder Travis Kell was appointed CFO in October 2024 as well.
Despite the successes, Metropolis' technology isn't perfect. At San Antonio International Airport – the company's flagship airport location – veterans entitled to free parking claim they were incorrectly charged by its ticketless payment system, which uses AI to recognize license plates. The company issued refunds but faced criticism for customer service slipups, according to the San Antonio Express-News.
The company is working through the issues while adding new features. A feature called Passes was introduced in October 2024 to give customers unlimited drive-in, drive-out access to garages for a set time. In the future, its technology could be applied to drive-throughs, gas stations, car washes and other car-related services.
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