California-based Monarch Tractor has raised a $133 million Series C round to support expansion of its all-electric autonomous tractors.
Astanor, which led Monarch’s Series B raise, co-led this fundraising alongside HH-CTBC Partnership, L.P. At One Ventures, PMV, and The Welvaartsfonds also participated.
The large fundraise is encouraging for the ag robotics and automation sector, which as an agrifoodtech investment category is lagging in 2024 (though to be fair, no category fared especially well in the first half of the year).
Drivers for adoption of ag robotics, however, remain as strong as ever. Labor shortages on farms are very real and expected to increase in future, while higher production costs and lower prices are weakening farm income.
“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,” notes Monarch CEO and cofounder Praveen Penmetsa. “Monarch’s application of AI and introduction of a smart, electric platform will deliver robust social, economic, and environmental returns to farmers.”
Monarch originally released its fully electric, “driver-optional” tractor called the MK-V in 2022. (Deere also unveiled its first fully autonomous tractor that year.)
The company says it has since deployed more than 400 machines. Its WingspanAI software acts as the control center for the machines, enabling growers to manage fleets remotely and execute operations autonomously.
Series C funding will go towards expanding Monarch’s AI offering and introducing new capabilities to it as well as the company’s expansion both in the US and globally. Currently it serves 12 states in the US as well as India and Singapore.
The round brings Monarch’s total funding to date to $220 million.
