The MK-V smart tractor has an autonomous mode option. Source: Monarch Tractor.
Agriculture has been an area of interest for robotics for some time, but there have been relatively few big transactions in that segment — until now. Zimeno Inc., which does business as Monarch Tractor, today said it has raised $133 million in Series C funding.
“Driven by artificial intelligence and electrification, agriculture has arrived as the next frontier for the energy transition and sustainability movement,” stated Praveen Penmetsa, co-founder and CEO of Monarch Tractor.
“Agriculture is our planet’s most important and overlooked sector, and those in the industry have faced significant challenges, including farm profitability, labor shortages, worker safety, government headwinds, data availability, and scrutiny for sustainability demands,” he said. “Monarch’s application of AI and introduction of a smart, electric platform will deliver robust social, economic, and environmental returns to farmers.”
Monarch Tractor claimed that its investment is the largest fundraising round in agricultural robotics to date. The Livermore, Calif.-based company has developed the MK-V, an electric, driver-optional tractor, and the Wingspan AG Intelligence farm management platform.
Monarch Tractor focuses on farmer success
In the U.S., farm profitability has steadily declined over the past decade, with the sharpest decline in industry history occurring in 2023, according to the U.S. Food and Drug Administration. While robotics and AI are relatively new to agriculture, Monarch Tractor said it expects to be at the forefront of the digital disruption taking advantage of potential growth in this market.
“Founded on the belief that food security only exists with planet sustainability and farmer profitability, Monarch has been at the forefront of the critical transition to renewably powered and more profitable farming ecosystems, which ultimately empowers farmers worldwide,” the company said.
Monarch Tractor said it is a leading provider of off-road electric vehicles (EV) and autonomous vehicles (AV). It has also expanded into agricultural markets such as vineyards, dairy, berries, orchards, and land management across 12 states and three countries.
Robots and AI cultivate next crop of innovation
“Tractors have been the center of all farm operations for several decades,” noted Monarch Tractor. “Yet, they’ve been underutilized as a hub for robotics innovation and farmer payback.”
In December 2022, the company said it introduced the MK-V smart tractor to address profit challenges, sustainability demands, and revive agricultural innovation. Since then, it has deployed more than 400 MK-V’s and offset over 850 tons of CO2 emissions across 42,000 hours of tractor operations.
Monarch said its WingspanAI app equips farmers with access to on-farm data, integrating a farm management system, vehicle position tracking, crop image collection, and automated operations planning into one platform.
“The continual development of product solutions, including the introduction of new AI capabilities, will be the driving force in closing the industry’s profit gap,” it asserted.
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Funding to support Autodrive development
Monarch Tractor has raised a total of more than $220 million for environmentally sustainable and economically viable systems. Global impact investor Astanor and HH-CTBC Partnership L.P. co-led the Series C round. Other investors, including At One Ventures, PMV, and The Welvaartsfonds, provided support.
Monarch said it will use its latest funding to further develop Autodrive, its autonomous operations product, for new global markets and crop sectors. The company also plans to expand its operational footprint domestically and globally, as well as follow its planned path to profitability.
In the past two years, Monarch Tractor has received recognition including Forbes’ “Next Billion-Dollar Startups,” CNBC’s “Disruptor 50,” TIME‘s Best Inventions, and Fast Company’s “World’s Most Innovative Companies.”
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