AppHarvest has branded itself as the next logical step in farming: controlled indoor facilities that use less land and keep food production closer to home. Founder Jonathan Webb hailed the tech-based startup as one that will meet the needs of a changing world near the start of the venture in 2021.
"You're going to see farms that you operate with an iPhone or an iPad, you're using software and big data, you're using AI to predict the climate," he said.
But the promising high-tech farming company has found itself struggling to meet its financial goals, and now, after months of worrying headlines, AppHarvest is seeking Chapter 11 bankruptcy. The company says it will continue operations at its four farms while it restructures, in the hopes of keeping the venture itself financially sustainable.
AppHarvest received nearly $2 million from the state to help build infrastructure at its Morehead facility.
The company isn’t alone either.
Another high-tech indoor farm startup, Square Roots, based out of New York, abruptly shuttered three of its indoor farms, including its newest facility in Shepherdsville, Kentucky. Square Roots also hints that it’s reconfiguring its business model as it tries to keep its farms viable.
