Monarch Tractor raises $133 million from investors

Monarch Tractor has completed a Series C financing round and secured 133 million US dollars (around 123 million euros) from investors. The US company makes the MK-V electric tractor, which can be operated driverless as an option.

The Series C funds will support the further development of Monarch Tractor’s AI-based farm management platform WingspanAI and accelerate the expansion of the company’s operational presence in the US and abroad. Monarch says that capital injection should also pave the way to profitability. To date, it has raised more than $220 million from investors.

The Monarch MK-V can carry out pre-programmed tasks without a driver. It also has a shadow mode that allows the tractor to follow another tractor. It collects harvest data and can analyse the farming equipment’s sensor data and video images. Thus, the latter’s settings can be adjusted in real-time.

Monarch launched the MK-V electric tractor less than two years ago. The manufacturer says it has deployed more than 400 of its electric tractors since then, “resulting in more than 850 tonnes of harmful CO2 emissions offset across 42,000 hours of tractor operations.”

The vehicles are used for various agricultural purposes, such as vineyards, dairies, orchards and land management. Moreover, Monarch states that it has customers in twelve US states and three countries.

monarchtractor.com