Monarch Tractor

Monarch Tractor builds electric smart tractors with autonomous and operator-assist functions for agricultural work. Its MK-V platform targets vineyard, orchard and broader farm operations where automation and electrification can reduce labor and fuel use.

Facts

Segment: Agricultural Robotics
Country: United States
Website: https://www.monarchtractor.com/

Products

MK-V

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Funding

2024-07-22 - Series C - $133M - Monarch Tractor raises $133M Series C - Monarch Tractor raised $133 million in Series C funding for autonomous electric tractors and farm-management software. - source: prnewswire.com

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Investors

Astanor; HH-CTBC Partnership - Lead - VC - 1 funding event - first seen 2024-07-22
At One Ventures - Participant - VC - 1 funding event - first seen 2024-07-22
PMV - Participant - Unknown - 1 funding event - first seen 2024-07-22

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Market context

Comparable profiles and adjacent companies connected by shared workflow, capability, or stack position.

FarmWise - comparable profile - peer: Agriculture Robotics Builder
EarthSense - comparable profile - peer: Agriculture Robotics Builder
Antobot - comparable profile - peer: Agriculture Robotics Builder

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Timeline

2023-04-04 - Production Milestone - Foxconn completes first Ohio-built Monarch MK-V tractors - The milestone moved Monarch MK-V production from Livermore into Foxconn contract manufacturing. The tractors were built at Foxconn Ohio under the 2022 manufacturing agreement. - source: monarchtractor.com
2022-12-13 - Production Milestone - Monarch Tractor starts MK-V Founder Series production - The first tractors came off the production line in Livermore, California. Constellation Brands was named as the first customer for the initial Founder Series units. - source: futurefarming.com
2022-08-09 - Partnership - Foxconn signs contract manufacturing deal with Monarch Tractor - The agreement covered next-generation agricultural equipment production at the Foxconn Ohio facility. The deal gave Monarch Tractor a contract-manufacturing path for scaling MK-V production. - source: foxconn.com

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Team

Praveen Penmetsa - CEO & Co-Founder - Penmetsa leads the Monarch autonomous electric tractor strategy, linking farm automation with prior product work across mobility, energy storage, and agricultural robotics.
Mark Schwager - President & Co-Founder - Schwager brings high-volume manufacturing, factory buildout, and supply-chain experience to Monarch electric tractor production and scaling work.

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Relations

Foxconn - Contract Manufacturer - Foxconn agreed to manufacture Monarch Tractor MK-V equipment and battery packs in Ohio.

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