US-based parking lot management platform Metropolis has secured $41m in a series A round featuring property developers DivcoWest Real Estate Investments and RXR Realty, TechCrunch reported yesterday.
Growth equity firm 3L led the round, which additionally attracted 01 Advisors, Dragoneer Investment Group, Slow Ventures and private investors Dan Doctoroff and Baron Davis.
The company emerged from stealth in 2017 and is developing an artificial intelligence platform which uses computer vision technology to manage automated parking lots.
Through Metropolis’s mobile app, users can automatically pay for parking and access other parking-related services.
The company plans to expand into more than 30 new markets in 2021, including New York, Los Angeles, San Francisco and Dallas.
Following the series A close, Metropolis has raised more than $60m of funding to date.
Metropolis raised $17.5m in a seed round in June 2019, led by Zigg Capital investing together with RXR Realty and Slow Ventures.
Halogen Ventures as well as Davis and fellow angel investor Jamie McAlpine previously supplied seed funding to Metropolis in the past, the company said.