Dive Brief:
- Monarch Tractor has raised $133 million from investors for its electric tractors, marking the largest fundraising round in agricultural robotics history, the startup said Monday.
- The funding will help scale production of Monarch’s self-driving electric tractors and support development of the company’s digital farm tools.
- To date, Monarch has raised over $220 million and entered various agricultural markets, including dairy, berries and orchards across 12 states and three countries.
Dive Insight:
Robotics and other precision agriculture technologies have somewhat withstood a funding drought that has forced other agtech startups in spaces like plant biotech or indoor farming to fold. Drones and imagery startups recorded the highest number of deals in 2023, and equipment giants such as CNH continue to show interest in commercially expanding autonomous or electric vehicles.
Investor interest in the space is largely driven by the tech’s potential for generative artificial intelligence and regenerative agriculture, according to PitchBook.
Monarch’s MK-V tractors, which hit the market in 2022, have a battery runtime of 14 hours and are equipped with computer vision that gives farmers the option to run tractor fleets remotely. The company also offers a digital farm management system called WingspanAI, which allows producers to collect crop imagery data while also operating and tracking their tractors.
“Agriculture has arrived as the next frontier for the energy transition and sustainability movement,” Monarch CEO and Co-Founder Praveen Penmetsa said in a statement. “Monarch’s application of AI and introduction of a smart, electric platform will deliver robust social, economic, and environmental returns to farmers.”
In addition to growing its operational footprint, Monarch plans to use its latest funding round to introduce new AI capabilities and expand into new markets in the U.S. and abroad.
The funding round was co-led by Astanor and HH-CTBC Partnership, L.P., with support from At One Ventures, PMV and The Welvaartsfonds.
