With this latest raise, the company behind the
world's first fully electric, driver-optional, smart tractor
cements its position as a leader in the space
LIVERMORE, Calif., July 22,
2024 /PRNewswire/ -- Monarch Tractor, creator of
the MK-V, the world's first fully electric, driver-optional smart
tractor and Wingspan Ag Intelligence (WingspanAI) farm
management platform, has today announced a history-making
$133 million Series C, making it the
largest funding raising round in agricultural robotics history.
Monarch has quickly become a powerhouse within the agricultural
space as an off-road electric vehicles (EV) and autonomous vehicles
(AV) category leader. To date, the company has raised
over $220 million to enable clean, efficient, and economically
viable solutions as well as expanded into various agricultural
markets such as vineyards, dairy, berries, orchards, and land
management across 12 states and three countries. Furthermore, in
just the last two years alone they have been recognized as an
influential force in farming at national and international levels
via accolades, including Forbes Next Billion-Dollar Startups, CNBC
Disruptor 50, TIME Best Inventions, and Fast Company World's Most
Innovative Companies.
The Series C funds will support the further development of
Monarch's cutting-edge AI product offering, expansion of their
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 with farmer success at the center
Founded on the belief that food security only exists with planet
sustainability and farmer profitability, Monarch has been at the
forefront of the critical transition to renewably powered and more
profitable farming ecosystems, which ultimately empowers farmers
worldwide.
In the United States, farm
profitability has steadily declined over the past decade, with the
sharpest decline in industry history occurring in 2023. Given the
nascent nature of technology in agriculture, the sector is ripe
with untapped growth potential across automation, digital
technologies and AI efficiencies, with Monarch at the forefront of
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."
AI continues to revolutionize farming machinery
Tractors have been the center of all farm operations for several
decades. Yet, 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 combat profit challenges, address sustainability
demands, and revive agriculture innovation. Since then, the
deployment of more than 400 MK-V's have helped; resulting in more
than 850 tonnes of harmful CO2 emissions offset across 42,000 hours
of tractor operations.
Monarch's WingspanAI app is equipping 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:
Sling & Stone l monarchtractor@slingstone.com
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SOURCE Monarch Tractor