Recently, the surge in the AI sector has not benefited all companies, as some startups continue to seek a way forward. Metropolis, an AI-based parking platform, has acquired the controversial computer vision company Oosto, which was previously known as AnyVision. The deal is an all-stock transaction valued at $125 million, significantly lower than the $380 million Oosto raised from investors over the years and clearly below its peak valuation.
Metropolis's technology is deployed at 4,000 locations, processing $5 billion annually. The company is currently raising funds, with a valuation approaching $5 billion. Oosto's investors include SoftBank, FifthWall, Lightspeed, DFJ, among others, who will receive Series D preferred stock as part of the deal. The acquisition includes Oosto's intellectual property and team, with Oosto's CEO Avi Golan and CTO Dieter Joecker taking senior positions at Metropolis.
A spokesperson for Metropolis confirmed the details of the transaction, stating that the acquisition will help enhance its current business. The sale of Oosto marks the end of the company's recent turmoil. As AnyVision, the company was one of several startups developing computer vision technology, which was widely used in controversial surveillance applications. Over time, the company faced a barrage of negative press, leading to the loss of Microsoft as a key strategic investor.
Despite this, Oosto successfully raised $235 million in 2021, subsequently rebranding to Oosto and attempting to pivot towards more enterprise applications. However, the company still faced challenges, including layoffs and the termination of its partnership with Carnegie Mellon University. It is reported that Oosto's annual revenue is about $20 million.
As AI technology increasingly becomes a focus of public attention, Oosto's struggles may also be related to market timing. Nonetheless, Metropolis's current goal is to focus on computer vision technology in parking environments, leveraging Oosto's technology to enhance its capabilities, with potential expansion into other areas, such as rapid vehicle passage in the future.
Key Points:
🚗 Metropolis acquires Oosto for $125 million, previously known as AnyVision, a transaction amount significantly lower than its historical fundraising total.
💼 Oosto's CEO and CTO will join Metropolis to support its business development.
📈 Metropolis focuses on parking management and plans to integrate Oosto's technology into its computer vision systems.
