Over the past few years, vertical farming had become a popular investment for venture capitalists as it was seen as the future of farming. But the AI-run farms are starting to go bankrupt as the vertical farm industry is trying to figure out a way to survive. Vertical farming was a new way to grow crops that uses robots and AI to conserve water and save the environment as it would grow crops indoors in large facilities by stacking crop containers vertically. - But after venture capital firms invested billions in the idea, the money is now drying up without much profit.
- Last week, AeroFarms Inc., a high-profile produce vertical farming company, declared bankruptcy after building a massive Virginia facility that dried up all its money.
- Lettuce grower Kalera sought court protection in April, and AppHarvest, a publicly traded company that operates high-tech greenhouses, received a notice of default in May.
- Indoor farming is still expected to be a big business as climate change will affect crops for years to come. But experts are not sure how the industry will create meaningful market share.
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