FarmWise, a leading robotics and automation technology company in agriculture, is restructuring and will start winding down operations due to “macro economic factors” and a drop in venture capital investment. CEO Tjarko Leifer believes that the company’s technology is commercially ready and has the potential to scale and be reliable, but the company’s current configuration is not profitable. Despite this, Leifer remains optimistic about the future of precision tech and automation in agriculture, citing the need to address labor challenges, herbicide resistance, and consumer preferences. He believes that bringing technology to agriculture is essential and that FarmWise’s Vulcan weeding system, which uses AI, computer vision, and robotics to identify and remove weeds, is a key element of innovation in the industry. Leifer hopes to ensure continuity for customers and has committed to supporting them as the company winds down operations. He believes that the fate of FarmWise should not necessarily be the fate of similar companies and is hopeful that the company’s technology will continue to thrive, despite the current challenges facing the industry.
Ag tech startup Farmwise commences winding down its operations.
