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Electric tractor company Monarch Tractors closed a $61M Series B round, bringing the total amount of funding raised since its founding to $81 million. Monarch introduced the first production unit of its all-electric, compact tractor to the market on Earth Day 2021.
The company has a deep and diverse executive leadership team that disrupted the agtech market when it emerged from stealth in December 2020. Unlike competitive solutions that seek single-purpose autonomous machines to help automate specific tasks on the farm, the Monarch footprint is immediately familiar to every small and medium-sized farmer in the world.
Monarch’s primary innovation is to deliver an all-electric autonomous platform in the 70 hp class of tractors. The Monarch MK-V can immediately be put to work and leverage every existing implement within a farmer’s barn.
“Fruit and vegetable farmers have long been ignored in the electrification and automation movement, and that’s why the Monarch platform is built with them in mind,” said Praveen Penmetsa, co-founder & CEO, Monarch Tractor. “Due to the ever-increasing labor challenges, sustainability concerns, and food traceability and scrutiny issues farmers face, we have experienced great demand for the unique solutions Monarch Tractor offers.”
Monarch’s founders have diverse and proven experience. Penmetsa has twenty years of transportation experience; Carlo Mondavi, co-founder and chief farming officer, is a fourth-generation farmer; Mark Schwager, co-founder and president, built out the Tesla gigafactory and the first Teslas that rolled to market; and Dr. Zachary Omohundro, co-founder and CTO, has developed hundreds of tightly integrated intelligent electro-mechanical systems, bringing a full system design perspective to the development of never-before-seen products
“Monarch is transforming what is arguably the most important vehicle on the planet, tractors,” said Hendrik Van Asbroeck, partner, Astanor Ventures. “Tractors emit 14x more than a car, and have not seen the same wave of digital innovation as we have seen in the automobile industry. Beyond delivering an affordable, clean and autonomous solution, Monarch‘s tractors capture detailed on-farm data to enable the sustainable and efficient farms of the future.”
Monarch Tractor was awarded an RBR50 award in 2021 for its innovation of an all-electric, compact-class tractor.