Monarch Tractor CEO Praveen Penmetsa thinks the future of farming will be all-electric and powered by AI, and it starts with the company’s MK-V tractor.
Praveen and I managed to cover a lot of ground in a relatively short amount of time onstage. Farming is a very old business, and it’s hard to make big changes. You’ll hear Praveen say the average farmer only gets 40 shots at iterating their process — 40 seasons of growing. And Praveen sees a lot of opportunities for farms to make the transition to electric autonomous equipment without disrupting those 40 cycles of agriculture.
There’s a long way between fruit and vegetable farmers and someone who has 1980s things autonomously driving over a connect platform. How are you doing right now? It’s been just a little over a year. Where are we on the journey? No, we are completely different from that world. That was the whole reason why I started Monarch Tractor was to change that. Right now, farmers can’t even repair their data or do diagnostics on their tractors without approval from the OEM. What we are doing at Monarch is we are licensing our technology out to all the tractor companies. One of our big partners,[CNH Industrial], is the world’s second-largest tractor company after John Deere.
So long story short, in the next 10 years, we’ll need a lot more of these machines if you’re going to stop using chemicals and do more operations on the farm. So this 3 million is going to grow. It’s already been growing for the last five, six years. This market is going to blow up. There’ll be new entrants into this market. We are seeing that. We are seeing people from the food ecosystem come in, not just the equipment ecosystem.
So a couple of things there. Number one, ag is very challenging in terms of robustness and durability. The shock loads that a tractor sees on a day-to-day basis would set off the alarms on your car, set off the airbags, and would turn off your battery system right away for safety. We see that on a day-to-day basis. The amount of movement also that we see — whether it’s in terms of climbing hills, or our roof system when our GPS moves around two and a half feet sometimes.
So, that’s where the safety regimens kick in. Yes, everything is still geofenced. We have a whole deployment team that helps them on day one. This is very much like deploying enterprise software. Where we walk in there, and we say, “We’ll train your whole team. Let’s set it up. We’ll help you just take an outside geofenced map of your block. We’ll tell you what the first row, last row, middle row looks like, check your connectivity. And then you can start to use operations.
Number two, the roof system, which is completely self-independent — if some of you walk out there, do pay attention. There are only two cables and four bolts that hold the whole roof down. The two cables are data and power. So that whole roof can be upgraded two, three years from now with a new sensor suite, new compute, and new connectivity. All of that is in the roof.
Last thing you mentioned, this is not just happening in the United States, particularly on the energy side, you’re expanding much larger. So, that has been the key to the transition. The reason other people don’t do it is that it’s crazy hard. We have now had to make sure that our hydraulics, our gearboxes, all the implement attachments, everything, can be bi-wire controlled and can be controlled from the cloud, and we get full data on each one of those things. That’s the deep technology part of this simple-looking tractor.So, we actually have two tractors that have hit the ground in Europe this week.
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