Monarch Tractor Raises $61 Million for Autonomous Farming

Monarch Tractor Secures $61 Million Series B Funding

In March, Monarch, a developer of autonomous tractors, initially announced a $20 million Series A funding round. Just eight months later, the company has significantly expanded this, securing a $61 million Series B investment – tripling the original amount.

This latest funding round is spearheaded by Astanor Ventures, a fund focused on sustainable food systems. Additional participation comes from CNH Industrial, At One Ventures, and Trimble Ventures.

Expanding Production and Sales

The company, headquartered in the Bay Area, intends to utilize these funds to increase both the manufacturing capacity and sales operations for its flagship electric tractor, also named Monarch.

The tractor system was unveiled earlier this year and underwent an initial pilot program at a vineyard in the local area. This vineyard pilot was one of fifteen initial trials conducted prior to the anticipated delivery of production models in the fourth quarter of the current year.

Addressing Labor Shortages in Agriculture

Monarch is capitalizing on a growing need within the agricultural sector. The COVID-19 pandemic has exacerbated existing labor shortages on farms throughout the United States.

Consequently, many farm owners are actively seeking automated and robotic solutions. However, the availability and suitability of these solutions vary considerably.

A Focus on Fruit and Vegetable Farmers

“The needs of fruit and vegetable farmers have often been overlooked in the push for electrification and automation,” stated Praveen Penmetsa, CEO and co-founder of Monarch Tractor. “Our platform is specifically designed with these farmers in mind.”

Pemmentesa continued, explaining that the increasing difficulties in finding labor, growing concerns about sustainability, and demands for improved food traceability are driving significant demand for the solutions Monarch Tractor provides.

Global Expansion of Pilot Programs

In addition to the new financial backing, Monarch has announced plans to broaden its pilot programs internationally. These expanded trials will take place in South America, Europe, and Asia.

The company aims to demonstrate the effectiveness of its autonomous tractor technology across diverse agricultural environments globally.