Amy Feldman is a Forbes senior editor, covering industrial innovation and climate-oriented technology. She also co-authors the Current Climate newsletter and edits the Next Billion-Dollar Startups list.
CHRIS CRISMAN FOR FORBESix years ago, three car guys and a winemaker set out to make an autonomous, electric tractor that could help American farmers at a time when profitability has been declining. Today, Livermore, California-based Monarch Tractor said that it had raised $133 million led by global impact fund Astanor and HH-CTBC Partnership, a fund co-led by Foxconn. The funding values Monarch at $518 million, up from $271 million.
The silver lining, Penmetsa argued, is that Monarch should be able to increase its sales by helping farmers save on operations while times are hard. “It’s been a tough and challenging environment for farmers and for agriculture,” Penmetsa said. “The slowdown is affecting some of the larger players and what their priorities are. This might be an opportunity for Monarch to scale, with capital in hand, while the rest of the industry is thinking about how to save money.
Penmetsa, 46, spent nearly two decades working on electric and self-driving cars before pivoting to agriculture. He worked at MillenWorks, a cutting-edge car company founded by legendary New Zealand race car driver Rod Millen, then started his own firm Motivo Engineering, which worked on electric vehicles, including demonstrating how a Toyota Prius could be repurposed into an emergency power generator.
Praveen Penmetsa Carlo Mondavi Tractors Autonomous Electric Tractors Agricultural Equipment Startups Farmers Astanor Forbes Next Billion-Dollar Startups
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