Monarch Tractor
Monarch Tractor, legally Zimeno, Inc., developed battery-electric, driver-optional autonomous tractors for agriculture; its MK-V was named one of Time magazine's best inventions of 2023. Based in Livermore, California, it raised more than $240 million before a late pivot from hardware manufacturing to autonomy software failed. After a January 2026 assignment for the benefit of creditors, Monarch terminated its workforce and vacated its headquarters on April 3, 2026, and Caterpillar acquired its core technology days later. Three dealer lawsuits allege the MK-V did not operate autonomously as advertised.
Acquired
Monarch Tractor has been acquired
This company is no longer available on our private secondary market.
Overview
Company data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Founded
2018
Employees
1–10
Total Funding
$214M
4 rounds
Secondary Signals (Note: SetterVC does not verify the accuracy of these)
2 signalsAssets acquired by Caterpillar after failed pivot to a software/licensing business model
Distressed asset sale likely leaves prior equity holders with little to no recovery
Shut down on April 3, 2026: entire workforce terminated, Livermore headquarters vacated and more than 110 unsold tractors left behind
Core technology sold to Caterpillar days later; prior equity holders unlikely to recover
Funding
Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Total raised $214M across 4 rounds
Last updated 09-17-2026
| Date | Round | Amount Raised | Valuation | Lead Investors |
|---|---|---|---|---|
| Jul 22, 2024 | Series C Press release | $133M | — | Astanor Ventures, HH-CTBC Partnership L.P. |
| Nov 17, 2021 | Series B Press release | $61M | — | Astanor Ventures |
| Mar 16, 2021 | Series A Press release | $20M | — | Musashi Seimitsu Industry, CNH Industrial, VST Tillers Tractors |
Prominent Investors
Leadership
Praveen Penmetsa
CEO & Co-Founder
Zachary Omohundro
Chief Technology Officer & Co-Founder
Mark Schwager
Co-Founder & Board Member
Competitors
Competitor list is illustrative and may be incomplete, stale, or erroneous.
John Deere
Global leader in agricultural equipment and autonomous farming solutions
AGCO Corporation
Manufacturer of agricultural equipment with electrification and automation initiatives
CNH Industrial
Agricultural and construction equipment manufacturer with precision farming focus
Kubota
Japanese manufacturer of agricultural machinery and equipment
Raven Industries
Precision agriculture technology and autonomous equipment developer
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