Monarch Tractor raises $20m for manufacturing smart tractors
Monarch Tractor, a California-based smart tractor manufacturer, has raised $20 million in a Series A funding round.
The company is developing what it claims to be the first ever fully electric, driver-optional smart tractor.
Monarch Tractor investors : The company’s Series A funding round was led by Japanese auto parts company Musashi Seimitsu Industry, agricultural tractor manufacturer CNH Industrial, and Indian tractor company VST Tillers Tractors.
The funding round of the smart tractor manufacturer also saw the participation of At One Ventures, a venture capital fund based in Silicon Valley, and private capital group MUUS.
Monarch Tractor said that the proceeds will support the global deployment of its smart tractors.
Below photo : Monarch Tractor Co-Founders Mark Schwager, Carlo Mondavi, Praveen Penmetsa, and Dr. Zachary Omohundro.
Monarch Tractor funding : Smart tractor manufacturer raises $20m. Photo courtesy of Business Wire.
Praveen Penmetsa – CEO of Monarch Tractor said: “The food ecosystem is ready for transformation with farmers demanding sustainable tools that can increase efficiency and farm profitability. Thus, we have seen an incredible and accelerating demand for our Monarch Tractor.
“The strategic investments by global leaders like CNH Industrial validate the Monarch Tractor platform’s broad application globally and beyond farm products. We are excited to have a group of investors who share a commitment to supporting the sustainable development of agriculture and positive global impact on farm economics and sustainability.”
Launched in December 2020, Monarch Tractor’s electric compact tractor is said to combine automated operations, powerful tools, driver optional modes, and data analytics in an all-electric platform. Monarch Tractor cost starts at $50K.
Scott Wine – CEO of CNH Industrial, commenting on the investment in the smart tractor manufacturer, said: “Monarch is pioneering tractor technology that incorporates electrification, autonomous use, and data management. These are three of the key pillars supporting sustainability, productivity, and profitability, both for CNH Industrial and for our farming customers.
“We are incredibly excited to work with Monarch to develop and deploy their groundbreaking technology ecosystem, which we believe has applicability across our entire Off-Road business.”
Monarch Tractor headquarters is in Livermore.