Monarch Tractor, which builds electric, driver-optional tractors, plans to scale up production and sales after finalizing financial backing from Astanor Ventures and additional individual and independent contributions from CNH Industrial, At One Ventures and Trimble Ventures.
The expansion includes expanding product offerings and launching international pilot test programs for regional market validation.
“Fruit and vegetable farmers have long been ignored in the electrification and automation movement, and that’s why the Monarch platform is built with them in mind,” said Praveen Penmetsa, the company’s co-founder and CEO.
In related news, CNH Industrial has entered into an exclusive, multi-year licensing agreement for electrification technologies with Monarch Tractor.
“We are confident that the new pathways provided by Monarch will rapidly strengthen our competitive position in sustainable precision farming,” said CNH CEO Scott Wine. “Their talented team, exceptional engineering acumen and Silicon Valley R&D ecosystem will greatly enhance our digital capabilities.”
Sources: Monarch Tractor, CNH