Not all startups in the AI space are thriving, with some facing challenges and seeking exits amid the overall excitement surrounding AI technologies.
In a recent development, it has been reported that Metropolis, an AI-powered parking platform, is acquiring Oosto, formerly known as AnyVision, a controversial computer vision company, for $125 million. This acquisition marks a significant drop from the $380 million the startup had raised from investors and its peak valuation.
The acquisition of Oosto by Metropolis for $125 million has also been covered in the Israeli press. Prior to this deal, the two companies had already been collaborating, with a significant portion of the transaction involving shares.
Further details on the acquisition are expected once TechCrunch receives responses from Metropolis and Oosto.
The sale, if finalized, will mark the end of a tumultuous period for Oosto, formerly known as AnyVision, which faced scrutiny for its involvement in controversial surveillance applications and lost Microsoft as an investor. Despite rebranding and raising substantial funds, Oosto encountered challenges, including layoffs and revenue limitations.
The acquisition of Oosto by Metropolis aligns with the latter’s focus on AI-based parking systems, expanding its offerings within the computer vision and security solutions space to enhance urban management and public safety through advanced technology and data analytics.
The current geopolitical climate in Israel may have influenced industry dynamics, including funding and business strategies for Israeli companies like Oosto and Metropolis.
