In this business, as in any other, there are no sure bets. Green flags include automation, agriculture, and a climate-bent, but no industry is exempt from the growing economic headwinds added to the already challenging task of creating a successful firm. Although funding in robotics has so far slowed down less than it has in many other industries, there is no such thing as a recession-proof enterprise in the startup world. Iron Ox, a Bay Area-based firm, has no shortage of supporters. The agtech company has funded well over $100 million, with a $53 million Series C disclosed in September of last year serving as the capstone.
However, the robotic agtech startup implemented significant layoffs earlier this week. The company cut 50 jobs in total this week, which is about half of the company’s “just over 100 people” workforce. Myra Pasek, chief legal officer, stated that Iron Ox made this decision to “extend [its] cash runway.”
Myra Pasek’s statement
Moreover, though the company’s website displays a wide variety of various satellite categories, including plant and data science and robotics, it is unclear exactly what shape the new focus will take. On another note, Iron Ox said also revealed that it has no plans to cease operations, despite the company’s apparent openness to both finding new finance and possibly even a sale.
Also, Read: Shrooly – The Best Home Mushroom Growing Device
Pasek also remarked, “[A]t Iron Ox, our attitude is that we are always willing and eager to meet with mission-aligned investors who want to decarbonize the agriculture sector. Like other competitive startups, we never stop fundraising. We are not talking about winding down operations — we are more focused than ever on our core competencies in engineering and technology.”