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Monarch Tractor lays off 10% in restructuring towards software and licensing AV tech
Monarch Tractor has laid off around 10% of its workforce as part of a restructuring that will see it prioritize non-agricultural customers, license its
Monarch Tractor has laid off around 10% of its workforce as part of a restructuring that will see it prioritize non-agricultural customers, license its autonomous technology, and boost sales of its AI-powered farm management software, TechCrunch has learned. CEO Praveen Penmesta told TechCrunch in an interview the company decided to restructure after a slower-than-expected third quarter, and despite raising $133 million in July from the likes of Foxconn and agri-food tech impact firm Astanor. “All of this happened pretty quickly,” Penmesta said, referring to the recent crash of California’s vineyards, which made up a bulk of Monarch’s early customers.
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