Monarch Tractor, a Livermore, CA-based creator of the MK-V, a fully electric, driver-optional smart tractor and Wingspan Ag Intelligence (WingspanAI) farm management platform, raised $133m in Series C funding.
The round was co-led by Astanor and HH-CTBC Partnership, L.P., with participation from At One Ventures, PMV and The Welvaartsfonds.
The company, which has raised over $220m to date, intends to use the funds to further develop its AI product offering, expand its operational presence domestically and globally, while enabling its path to profitability. This funding round will support the expansion of Monarch’s digital solutions and AI applications, including the development of Autodrive, its autonomous operations feature, for new global markets and crop sectors.
Led by Praveen Penmetsa, CEO, Monarch is an off-road electric vehicles (EV) and autonomous vehicles (AV) category leader within the agricultural space. Monarch’s WingspanAI app is equipping 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.
To date, the company has enabled clean, efficient, and economically viable solutions as well as expanded into various agricultural markets such as vineyards, dairy, berries, orchards, and land management across 12 states and three countries.
FinSMEs
22/07/2024