“All of this happened pretty quickly,” Penmetsa said, referring to the recent crash of California’s vineyards, which made up a bulk of Monarch’s early customers. That development, plus an ongoing pullback in agri-tech investing, left Penmetsa and his team looking at other options.
“The industry has slowed down on acquisition of new equipment and new solutions, especially in the core farming sectors,” Penmetsa said. “But in the meantime, as a platform company, we also have some very exciting non-agriculture opportunities that started sprouting because of our success in ag.”