Monarch Tractor, the creator of the MK-V, the world’s first fully electric, driver-optional smart tractor and Wingspan Ag Intelligence (WingspanAI) farm management platform, has secured a record-breaking $133 million in Series C funding. This historic investment makes it the largest funding round ever raised in agricultural robotics history, cementing Monarch’s position as a leader in the space.
Monarch has quickly become a powerhouse within the agricultural space as an off-road electric vehicles (EV) and autonomous vehicles (AV) category leader. The company has raised over $220 million to date, enabling the development of clean, efficient, and economically viable solutions for farmers. Monarch’s reach extends across various agricultural markets, including vineyards, dairy, berries, orchards, and land management, spanning 12 states and three countries.
The company’s innovative solutions have garnered significant recognition, including accolades such as Forbes Next Billion-Dollar Startups, CNBC Disruptor 50, TIME Best Inventions, and Fast Company World’s Most Innovative Companies.
This latest funding round will propel Monarch’s advancements in several key areas. The Series C funds will support the further development of Monarch’s cutting-edge AI product offering, expanding its operational footprint domestically and globally, while enabling the company’s path to profitability.
Funding was co-led by global impact investor Astanor and HH-CTBC Partnership, L.P., with additional support from prominent investors, including At One Ventures, PMV, and The Welvaartsfonds.
Monarch’s mission is rooted in the belief that food security is inextricably linked to planet sustainability and farmer profitability. The company is at the forefront of the critical transition to renewably powered and more profitable farming ecosystems, empowering farmers worldwide.
In the United States, farm profitability has faced a steady decline over the past decade, with the sharpest decline in industry history occurring in 2023. Given the nascent nature of technology in agriculture, the sector presents immense untapped growth potential across automation, digital technologies, and AI efficiencies. Monarch is spearheading this disruption and technological advancement.
“Driven by artificial intelligence (AI) and electrification, agriculture has arrived as the next frontier for the energy transition and sustainability movement,” said Praveen Penmetsa, CEO and co-founder of Monarch Tractor. “Agriculture is our planet’s most important and overlooked sector, and those in the industry have faced significant challenges, including farm profitability, labor shortages, worker safety, government headwinds, data availability, and scrutiny for sustainability demands. Monarch’s application of AI and introduction of a smart, electric platform will deliver robust social, economic, and environmental returns to farmers.”
Tractors have been the backbone of farm operations for decades, but they’ve been underutilized as a hub for robotics innovation and farmer payback. In December 2022, Monarch released the world’s first fully electric, driver-optional, smart tractor, the MK-V, to tackle profit challenges, address sustainability demands, and revitalize agricultural innovation.
The deployment of more than 400 MK-V’s has yielded significant results, offsetting more than 850 tonnes of harmful CO2 emissions across 42,000 hours of tractor operations.
Monarch’s WingspanAI app empowers farmers with unprecedented access to on-farm data, integrating a farm management system, vehicle position tracking, crop image collection, and automated operations planning into one platform.
The continual development of product solutions, including the introduction of new AI capabilities, will be the driving force in closing the industry’s profit gap. This funding round will support the expansion of Monarch’s digital solutions and AI applications, including the development of Autodrive, Monarch’s autonomous operations feature, for new global markets and crop sectors.
For more information on Monarch Tractor, visit: www.monarchtractor.com/
About Monarch Tractor
Monarch Tractor’s MK-V is the world’s first fully electric, driver-optional, smart tractor that combines electrification, automation, machine learning, and data analysis to enhance farmer’s existing operations, cut overhead costs, reduce emissions, and increase labor productivity and safety. Monarch Tractor is committed to elevating farming practices to enable clean, efficient, and economically viable solutions for today’s farmers and the generations of farmers to come.
Operating in more than five continents, Monarch Tractor serves vineyards, orchards, blueberries, dairy, and land management sectors. With cutting-edge technology and a global presence, Monarch is delivering meaningful change for the future of farming.
For more information, visit www.monarchtractor.com.
Monarch Tractor Media Contact:
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