Monarch Tractor Raises $133 Million for Global Expansion

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Monarch Tractor, based in Livermore, California, has hit a significant milestone with its autonomous, electric tractors. The company raised $133 million in a funding round led by global impact fund Astanor and HH-CTBC Partnership, co-led by Foxconn. This investment boosts Monarch’s valuation to $518 million, up from $271 million. The funds will help the firm expand internationally, starting with Europe.

Praveen Penmetsa, Monarch’s CEO, co-founded the company with Zachary Omohundro, Mark Schwager, and Carlo Mondavi. With his background in electric and self-driving cars, Penmetsa said, “We are the first mover. We are still the only commercially available electric tractor.” Monarch's tractors use AI-powered software to enhance farming operations by identifying obstacles and optimizing equipment settings, potentially reducing labor and fuel costs.

Despite slower-than-expected revenue growth, Penmetsa remains optimistic about scaling the business amid tough economic conditions for farmers. He views this period as an opportunity for Monarch to gain a competitive edge. The company has already deployed over 400 units in the U.S. and Canada.

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Electric Robot Tractor Startup Monarch Eyes Global Expansion With $133 Million Fundraise