AgBiome says it could lay off all employees at RTP headquarters
.jpg "AgBiome’s greenhouses in Research Triangle Park.")
AgBiome, an agricultural technology company in Research Triangle Park, notified the state this week that it could lay off its entire staff of 123 workers.
On Oct. 16, AgBiome submitted a WARN Notice to the North Carolina Department of Commerce announcing the company “has developed plans to lay off potentially all of its employees.”
The list of potential affected positions includes the company’s two CEOs, Scott Uknes and Eric Ward. Additional top executives could also be cut, Agbiome said, including its chief financial officer, chief business officer, and chief commercial officer. Terminations will become effective on Dec. 15, the company said.
Founded in 2012, AgBiome creates pesticides that fight off pests and weeds.
In 2021, the company raised $116 million. Previous investors included the Bill & Melinda Gates Foundation, which has committed $6.7 million to AgBiome, according to the Foundation’s website.
In an email Thursday, the company said it has struggled “to raise capital in an extremely challenging VC and private equity market,” and noted it is “continuing ongoing discussions with potential partners and investors that would push forward the Company.”
The federal government requires companies to issue WARN reports when they shutter a plant that impacts at least 50 workers in a 30-day period. Employers are obligated to provide impacted staff with 60 days’ notice.
“We will continue to produce, market, sell, and support our products for the foreseeable future,” AgBiome share, but added “while we remain optimistic, we wanted to ensure that our extraordinary employees have an opportunity to immediately explore other alternatives.”
This story was originally published October 19, 2023 at 1:44 PM.
