US AI powered parking platform Metropolis is acquiring Israeli AI facial recognition company Oosto (formerly AnyVision), "TechCrunch" has confirmed. "Globes" was the first to report over the weekend that Oosto was in the final stages of being sold to a US company.
The company, which was founded in 2015, has raised $352 million according to IVC, including $235 million in its most recent financing round in 2021. Oosto's investors include SoftBank Vision, Lightspeed, Qualcomm Ventures, Elysian Park Ventures, and DFJ. "TechCrunch" reports that Metropolis is only paying $125 million for Oosto in an all-share deal and that Oosto CEO Avi Golan and CTO Dieter Joecker will take senior roles at Metropolis.
The move comes, among other things, after it was announced in May 2023 that the company had made cuts in both senior executives and employees, as part of which about 10 employees out of the company's 95 employees were laid off. Among the executives who left at that time were the CFO, VP marketing, VP AI and VP research. According to IVC, Oosto currently has 120 employees, of which 60 are in Israel. Oosto has developed an AI platform for face, body and object recognition, and serves clients in the fields of finance, retail, health, sports and gambling. Among other things, its systems are installed in casinos in Las Vegas and Oklahoma, at a horse racing stadium in Australia, as well as in airports and seaports.
Published by Globes, Israel business news - en.globes.co.il - on January 20, 2025.
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