Monarch Tractor, creator of what is considered the world’s first fully electric, driver-optional smart tractor, has announced it raised $133 million in a Series C funding round. The funding round, co-led by Astanor and HH-CTBC Partnership, also saw contributions from At One Ventures, PMV, and The Welvaartsfonds.
The company plans to use the funds to advance its artificial intelligence (AI) technologies and expand its operations both in the U.S. and internationally. Monarch Tractor has now raised over $220 million to develop sustainable and efficient agricultural solutions.
“Driven by artificial intelligence (AI) and electrification, agriculture has arrived as the next frontier for the energy transition and sustainability movement,” said Praveen Penmetsa, Monarch Tractor CEO and co-founder. “Monarch’s application of AI and introduction of a smart, electric platform will deliver robust social, economic and environmental returns to farmers.”
Monarch Tractor’s smart tractor, the MK-V, aims to transform agriculture with its combination of electrification, automation, and data analysis. Introduced in late 2022, the MK-V is designed to help farmers reduce their carbon footprint, enhance safety, streamline operations, and increase profitability.
In addition to this funding milestone, Monarch Tractor has been active in legislative efforts, including a 2022 petition to amend California laws requiring an operator to be present for self-propelled equipment in motion. The company’s smart tractors are now used in various agricultural sectors across 12 states and three countries.
The new funding will support the company’s continued growth and development of its AI products, further positioning Monarch Tractor at the forefront of agricultural innovation.
