Monarch Tractor, a Livermore CA-based maker of an electric, driver-optional tractor, raised $61M in Series B funding.
The round was led by Astanor Ventures with participation from CNH Industrial, At One Ventures and Trimble Ventures.
The company intends to use the funds to accelerate production and deployment of its tractor, scaling its sales, service and manufacturing footprint; expanding its product offerings; and launching international pilot test programs for regional market validation.
Led by Praveen Penmetsa, CEO, Monarch Tractor is making a smart, driver-optional, electric tractor (known as the MK-V) which leverages technology to empower farmers by enabling implementation of regenerative, sustainable and organic practices and enhance their existing operations, alleviating labor shortages, and maximizing yields.
This capacity has led to growing interest from farmers and increased support from the investment community, allowing the company to scale production and expand manufacturing space in preparation to meet global demand. Additionally, it provides Monarch with the ability to expand its footprint globally into South America, Europe and Asia for international pilot testing programs.