Venture Capital’s AI-Run Lettuce Farms Start to Go Bust (1)

The pitch for vertical farming had all the promise of a modern venture capital dream: a new way to grow crops that would use robots and artificial intelligence to conserve water, combat food insecurity and save the environment.

But after firms poured billions of dollars into these startups, pushing valuations into the stratosphere, the industry is now facing a harsh new reality: funding is drying up, profits remain elusive, and creditors are circling.

AeroFarms Inc. last week became the latest, most high-profile example of the challenges facing the business, filing for bankruptcy after building a massive new facility in Virginia ...