Views: 3 Author: PEAK Publish Time: 2024-08-22 Origin: Original
Monarch Tractor, the creator of the world's first fully electric, optional driver intelligent tractor and Wingspan Ag Intelligence (Wingspan AI) farm management platform MK-V, announced the historic completion of $133 million in Series C funding, the largest round of funding in agricultural robot history.
As the leader of off-road electric vehicle (EV) and autonomous vehicle (AV) categories, Monarch has quickly become a powerful force in the agricultural field.
So far, the company has raised over $220 million to achieve clean, efficient, and economically viable solutions, and expanded to various agricultural markets such as vineyards, dairy products, berries, orchards, and land management in 12 states and 3 countries.
In addition, in the past two years alone, they have been awarded multiple honors and recognized as an influential force in the national and international agricultural field, including Forbes' Next Billion Dollar Startup, CNBC's Top 50 Disruptors, Time magazine's Best Invention, and Fast Company's Global Most Innovative Companies.
The Series C financing will support Monarch in further developing cutting-edge AI products, expanding its business coverage domestically and globally, while helping the company achieve profitability.
This round of financing is jointly led by global impact investors Astana and HH-CTBC Partnership, LP, with additional support from well-known investors such as At One Ventures, PMV, and The Welvaarts.
The mission of Monarch is centered around the success of farmers
Monarch adheres to the belief that food security can only be achieved through sustainable development of the planet and profitability of farmers. Therefore, Monarch has been at the forefront of the critical transition towards renewable energy and more profitable agricultural ecosystems, ultimately empowering farmers around the world.
In the United States, the profitability of farms has steadily declined over the past decade, with the largest decline in industry history occurring in 2023. Given the emerging nature of agricultural technology, the industry has untapped growth potential in automation, digital technology, and artificial intelligence efficiency, and Monarch is at the forefront of this disruption and technological advancement.
Praveen Penmetsa, CEO and co-founder of Monarch Tractor, said, "Driven by artificial intelligence (AI) and electrification, agriculture has become the next frontier in the energy transition and sustainable development movement
Agriculture is the most important yet overlooked industry on Earth, and agricultural practitioners face significant challenges including farm profitability, labor shortages, worker safety, government resistance, data availability, and scrutiny of sustainability needs.
The application of artificial intelligence and the introduction of intelligent electric platforms by Monarch will bring strong social, economic, and environmental returns to farmers
Artificial intelligence continues to revolutionize agricultural machinery
For decades, tractors have been the center of all farm operations. However, they have not been fully utilized as hubs for robot innovation and farmer returns.
In December 2022, Monarch released the world's first fully electric, optional driver intelligent tractor MK-V to address profit challenges, meet sustainable development needs, and revitalize agricultural innovation.
Since then, over 400 deployed MK-V vehicles have been effective; More than 850 tons of harmful carbon dioxide emissions were offset during 42000 hours of tractor operation.
Monarch's WingspanAI application provides farmers with unprecedented access to farm data, integrating farm management systems, vehicle location tracking, crop image collection, and automated operation planning into one platform.
The continuous development of product solutions, including the introduction of new artificial intelligence features, will be the driving force for narrowing the industry profit gap.
This round of financing will support Monarch in expanding its digital solutions and artificial intelligence applications, including developing Monarch's autonomous operational feature Autodrive for new global markets and crop sectors.
Regarding the Monarch Tractor
Monarch Tractor was founded in 2018, utilizing 21st century technology to empower farmers through profitable practices of renewable, sustainable, and organic farming. The Founder Series MK-V of the Monarch Tractor is the world's first fully electric, optional driver intelligent tractor designed to enhance farmers' existing management methods, alleviate labor shortages, and maximize production. The Monarch Tractor is committed to enhancing agricultural practices and providing clean, efficient, and economically viable solutions for current and future farmers. With cutting-edge technology, global influence, and an experienced team, Monarch is bringing meaningful changes to the future of agriculture.
On December 1, 2022, Monarch Tractor, the manufacturer of the all electric, optional driver intelligent tractor MK-V, announced that the first batch of tractors will be rolled off the Founder Series production line at its headquarters and manufacturing plant in Livermore, California.
Using the Monarch MK-V instead of similar diesel tractors is equivalent to reducing the emissions of 14 passenger cars on the road. Considering that nearly 25% of global emissions come from agriculture, zero emission Monarch tractors will help achieve meaningful emissions reductions, as the use of Monarch tractors has been scaled up in industries historically difficult to decarbonize. Using the MK-V tractor can also help address the numerous challenges faced by farmers today, including labor shortages, safety issues, strict customer scrutiny of sustainable practices, government regulations, and more. The main features of MK-V include:
Renewable technology: MK-V is a 100% electric vehicle with zero exhaust emissions. It is also a three in one electric tool that can be used as a tractor or multi-purpose vehicle during operation, and as a powerful generator in the field.
Driver optional: Monarch utilizes the latest autonomous driving and robotics hardware and software technologies, including the NVIDIA Jetson edge AI platform, to provide driver assistance and driver selectable operations. The Monarch MK-V can perform pre programmed tasks without a driver, or the operator can use the Monarch interactive automation features (including shadow mode) to have the Monarch tractor follow the worker's work.
Unprecedented safety: The MK-V is equipped with multiple safety features, including roll over and collision prevention, vision based power output (PTO) safety devices, and a 360 ° camera, ensuring smooth operation and employee safety both day and night.
Deep Learning and Sensing Suite: MK-V collects and analyzes crop data daily, and is capable of processing data from current and next-generation farming tools equipped with sensors and imaging devices. These data can be used for real-time adjustment of agricultural tools, long-term yield estimation, current growth stage, and other plant/crop health indicators.
Smart device operation: MK-V users can receive tractor status alerts, detailed operation reports, and data collection, analysis, and storage through smartphones or personal devices, enabling more efficient farm planning.
Powerful: The Monarch electric transmission system can provide continuous power of 40HP (30KW) and short-term peak power of up to 75HP (55KW) in small spaces, making it suitable for various purposes.
Praveen Penmetsa, co-founder and CEO of Monarch Tractor, said, "This is a significant day for Monarch Tractor, and we have finally welcomed it after years of preparation. Our team has been tirelessly and persistently committed to making agriculture more profitable and sustainable. We are proud to see our commitment to technological innovation and sustainable solutions finally realized, and we celebrate the launch of our first tractor, which I would like to add is powered by renewable energy
