Facial recognition technology company Oosto, formerly known as AnyVision, has been acquired by Unites States based parking lot operator Metropolis for US$125 million.

Most of the transaction was completed through Metropolis shares instead of cash.

This sale reflects challenges for Oosto, which raised US$352 million with a valuation of US$500 million in 2019.

The company has struggled to commercialize its technology.

Current annual revenue is estimated at only US$10 million, and its workforce has decreased from over 200 employees to a few dozen.