Monarch Tractor Invests$133 Million in New Electric Tractor

The company that created the world's first electric driver-optional tractor announces new funding.

  Monarch to invest  $133 million

The MK-V made its debut in December of 2022, and since then has been continuing to offer electric options to farmers. Monarch also has the Wingspan AI program that allows the tractor to be operated without a driver.

Now the company has announced $133 million in what's called Series C funding. Series C funding is a 'third' step taken by companies who are financially stable or growing but are able to take on large expansions.

According to Monarch:

"Monarch Tractor, creator of the MK-V, the world's first fully electric, driver-optional smart tractor and Wingspan Ag Intelligence (WingspanAI) farm management platform, has today announced a history-making $133 million Series C, making it the largest funding raising round in agricultural robotics history."

They also  said:

"The Series C funds will support the further development of Monarch's cutting-edge AI product offering, expansion of their operational footprint domestically and globally, while enabling the company's path to profitability.

Funding was co-led by global impact investor Astanor and HH-CTBC Partnership, L.P., with additional support from prominent investors, including At One Ventures, PMV and The Welvaartsfonds."

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Monarch says farming has increasingly become less profitable, with some of the biggest drops in 2023.  With this new model and increased development of the AI, Monarch hopes to help farmers increase profits and free up workers to perform other tasks on the farm.