Monarch Tractor's electric autonomous tractor in the field. Image: Courtesy of Monarch Tractors
Electric tractor startup Monarch Tractor has closed a Series C round of $133 million to develop its AI tech and grow sales.
Why it matters: Electric, autonomous tractors, combined with AI, can help farmers cut diesel use and boost efficiencies, saving money.
Zoom in: The round was co-led by Astanor and HH-CTBC Partnership, and included At One Ventures, PMV and The Welvaartsfonds.
The company says the financing will enable its "path to profitability."
How it works: Monarch launched its electric, "driver optional" tractor, the MK-V, back in December 2022. The company says it's shipped 400 to date.
The tractor has an autonomous option, which can be unlocked with a subscription. Monarch CEO Praveen Penmetsa said last year that 30% of customers opt for the autonomous option.
The big picture: Farming is a challenging business and U.S. farming profits declined steeply in 2023.
Technologies that can help farmers save money on commodities like fuel could generate interest.
There are also subsidies available at federal and state levels to support sustainable farming tech.
