Venture Capital’s AI-Run Lettuce Farms Start to Go Bust
- Vertical farms are being forced to recalibrate as funds dry up
- AeroFarms files for bankruptcy in latest blow to industry
Produce is monitored by drone at an AeroFarms facility.
Source: AeroFarmsThe pitch for vertical farming had all the promise of a modern venture capital dream: a new way to grow crops that would use robots and artificial intelligence to conserve water, combat food insecurity and save the environment.
But after firms poured billions of dollars into these startups, pushing valuations into the stratosphere, the industry is now facing a harsh new reality: funding is drying up, profits remain elusive, and creditors are circling.