The Series B funding round will accelerate the production of the MK-V electric tractor (pictured above)

Monarch Tractor, which made the first fully electric tractor, announced today the close of its $61 million Series B round that will help accelerate production and deployment of the smart, driver-optional, electric tractor known as the MK-V. (BusinessWire)

The round was led by Astanor Ventures, one of the world’s leading sustainable food venture firms. CNH Industrial (NYSE: CNHI), At One Ventures and Trimble Ventures were other investors in the funding.

While CNH is an Italian-American company that makes agricultural equipment, Trimble Ventures is a venture arm of Trimble Inc. (NASDAQ: TRMB), a California-based technology giant specializing in GPS and location-based software.

Tesla of tractors?

“Monarch is transforming what is arguably the most important vehicle on the planet: tractors,” said Hendrik Van Asbroeck, partner at Astanor Ventures. “Tractors emit 14x more than a car, and have not seen the same wave of digital innovation as we have seen in the automobile industry. Beyond delivering an affordable, clean and autonomous solution, Monarch‘s tractors capture detailed on-farm data to enable the sustainable and efficient farms of the future.”

Monarch Tractor is the first to deliver a convergence of electrification, automation and data analysis that empowers sustainable farming, increases efficiency and safety, and maximizes profitability for farmers, the company said in a statement.

According to Bloomberg, Monarch currently makes two of the tractors, each costing about $58,000, in Silicon Valley. However, the funding will allow to scale that up to 6,000 tractors annually by the fall of 2023.

No valuation was disclosed for the Series B round. However, Chief Executive Officer Praveen Penmetsa told Bloomberg that it had tripled since the previous funding round held in the spring.

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