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The MK-V Smart Tractor has an autonomous mode option. Source: Monarch Tractor.
Agriculture has long been an area of interest for robotics, but there have been relatively few big deals in the space to date. Jimeno, doing business as Monarch Tractor, today announced it has raised $133 million in Series C funding.
“Driven by artificial intelligence and electrification, agriculture has arrived as the new frontier in the energy transition and sustainability movement,” said Praveen Penmetsa, co-founder and CEO of Monarch Tractors.
“Agriculture is the most important yet overlooked sector on the planet, and industry participants face significant challenges including farm profitability, labor shortages, worker safety, government headwinds, data availability and scrutiny of sustainability mandates,” he said. “The application of Monarch’s AI and the deployment of its smart electric platform will deliver powerful social, economic and environmental benefits to farmers.”
Monarch Tractor claims the investment is the largest funding round ever in the agricultural robotics sector. The Livermore, California-based company has developed the electric, driverless tractor, the MK-V, and the farm management platform, Wingspan AG Intelligence.
Monarch Tractors is focused on farmer success
According to the U.S. Food and Drug Administration, farm profitability has steadily declined over the past decade and is expected to experience the biggest drop in the industry’s history by 2023. While robotics and AI are relatively new technologies in agriculture, Monarch Tractor says it hopes to capitalize on this market’s growth potential and position itself at the forefront of digital disruption.
“Driven by the belief that food security is only possible with a sustainable planet and profitable farmers, Monarch has been at the forefront of a critical transition to renewable energy, more profitable agricultural ecosystems, ultimately empowering farmers around the world,” the company said.
Monarch Tractor said it is a leading provider of off-road electric vehicles (EVs) and autonomous vehicles (AVs). The company also has a presence in agricultural markets, including vineyards, dairy, berry and orchards and land management, across 12 states and three countries.
Robots and AI will foster the next generation of innovation
“Tractors have been at the heart of all farm operations for decades,” Monarch Tractor points out, “but they have been underutilized as a hub for robotics innovation and delivering benefits to farmers.”
The company announced the introduction of the MK-V smart tractor in December 2022 to address revenue challenges, sustainability demands and revive agricultural innovation. Since then, the company has deployed more than 400 MK-Vs and offset more than 850 tonnes of CO2 emissions across 42,000 tractor hours of operation.
Monarch said its Wingspan AI app combines farm management systems, vehicle location tracking, crop image collection and automated operations planning into one platform, giving farmers access to their on-farm data.
“The continued development of product solutions, including the introduction of new AI capabilities, will drive efforts to close the industry profit gap,” the company argued.
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Funding to support Autodrive development
Monarch Tractor has raised more than $220 million in total for its environmentally sustainable and economically viable system. Global impact investors Astanor and HH-CTBC Partnership LP co-led the Series C round. Other investors including At One Ventures, PMV and The Welvaartsfonds also provided support.
Monarch said it will use the funding to further develop its autonomous driving product, AutoDrive, for new global markets and agricultural applications. The company also plans to expand its operations both domestically and internationally and stay on track to become profitable.
In the past two years, Monarch Tractor has been recognized as one of Forbes’ “Next Billion Dollar Startups,” CNBC’s “Disruptor 50,” TIME’s “Best Inventions” and Fast Company’s “Most Innovative Companies in the World.”
