Automotive component manufacturer Musashi Seimitsu Industry, agricultural vehicle producer CNH Industrial and tractor maker VST Tillers Tractors co-led a $20m series A round for US-based smart tractor provider Monarch Tractor yesterday.
Venture capital fund At One Ventures and private capital group Muus also took part in the round. The company had not disclosed details of any earlier financing.
Monarch Tractor has developed an electric tractor capable of operating without a driver. The series A funding will be allocated to international growth.
CNH Industrial CEO Scott Wine said: “Monarch is pioneering tractor technology that incorporates electrification, autonomous use and data management. These are three of the key pillars supporting sustainability, productivity and profitability, both for CNH Industrial and for our farming customers.
“We are incredibly excited to work with Monarch to develop and deploy their ground-breaking technology ecosystem, which we believe has applicability across our entire off-road business.”
