Around 35 employees were cut this week by the Livermore, California-based autonomous electric tractor startup that has raised a total of $220 million since it was founded in 2018. Some Monarch workers told TechCrunch they were let go without severance. It’s the second cut this year; Monarch previously laid off around 15% of its workforce in July.
CEO Praveen Penmetsa 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. Penmetsa said he was uncertain if employees were let go without severance, but that the company has been trying to help out laid-off workers on a case-by-case basis.