Self-Driving Electric Tractor Co. Raises $133M for AI, Expansion

The creator of what is believed to be the world’s first fully electric, driver-optional smart tractor has announced its raised a history making $133 million in a series C funding round.

Monarch Tractor, along with its farm management platform Wingspan Ag Intelligence (WingspanAI), made the announcement this week. 

Monarch has raised more than $220 million to develop clean, efficient and economically viable products. The company has expanded into several agricultural markets including vineyards, dairy, berries and orchards, as well as land management in 12 states and three countries. 

“Driven by artificial intelligence (AI) and electrification, agriculture has arrived as the next frontier for the energy transition and sustainability movement," said Praveen Penmetsa, Monarch Tractor CEO and co-founder. 

“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. Monarch’s application of AI and introduction of a smart, electric platform will deliver robust social, economic and environmental returns to farmers.”

Monarch plans to use the new funding to further develop its AI products and expand its operations in the U.S. and internationally.

Related:Self-Driving Tractor Enables Autonomous Farming

Funding was co-led by Astanor and HH-CTBC Partnership. Other investors included At One Ventures, PMV and The Welvaartsfonds. 

In 2022, Monarch petitioned to change California laws that an operator must be at the controls of self-propelled equipment when in motion, and roll out its pipeline of smart tractors to vineyards and farms across the state.

Monarch delivered the first examples of what the company called “the world’s first commercially available electric, driver-optional smart tractor” in late 2022 claiming the MK-V had the potential to reshape agriculture thanks to its use of electrification, automation and data analysis to help farmers reduce their carbon footprint, improve safety, streamline operations and increase profitability.

Last year, John Deere revealed its new tractors feature an autonomous-ready option that allows operators to switch from manual to autonomous operation rapidly and easily, preparing farmers for the switch to autonomy whenever they’re ready.

The only item a farmer would need to add to enable full autonomy is a perception system, which includes cameras and vision processing units.