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Monarch Tractor Announces $133M Series C Funding – Marking Largest-Ever Raise in Agricultural Robotics

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With this latest raise, the company behind the world’s first fully electric, driver-optional, smart tractor cements its position as a leader in the space 

LIVERMORE, Calif., July 22, 2024 /PRNewswire/ — Monarch Tractor, creator of the MK-V, the world’s first fully electric, driver-optional smart tractor and Wingspan Ag Intelligence (WingspanAI) farm management platform, has today announced a history-making $133 million Series C, making it the largest funding raising round in agricultural robotics history.

Monarch has quickly become a powerhouse within the agricultural space as an off-road electric vehicles (EV) and autonomous vehicles (AV) category leader. To date, the company has raised over $220 million to enable clean, efficient, and economically viable solutions as well as expanded into various agricultural markets such as vineyards, dairy, berries, orchards, and land management across 12 states and three countries. Furthermore, in just the last two years alone they have been recognized as an influential force in farming at national and international levels via accolades, including Forbes Next Billion-Dollar Startups, CNBC Disruptor 50, TIME Best Inventions, and Fast Company World’s Most Innovative Companies.

The Series C funds will support the further development of Monarch’s cutting-edge AI product offering, expansion of their operational footprint domestically and globally, while enabling the company’s path to profitability.

Funding was co-led by global impact investor Astanor and HH-CTBC Partnership, L.P., with additional support from prominent investors, including At One Ventures, PMV and The Welvaartsfonds.

Monarch’s mission with farmer success at the center

Founded on the belief that food security only exists with planet sustainability and farmer profitability, Monarch has been at the forefront of the critical transition to renewably powered and more profitable farming ecosystems, which ultimately empowers farmers worldwide.

In the United States, farm profitability has steadily declined over the past decade, with the sharpest decline in industry history occurring in 2023. Given the nascent nature of technology in agriculture, the sector is ripe with untapped growth potential across automation, digital technologies and AI efficiencies, with Monarch at the forefront of this disruption and technological advancement.

“Driven by artificial intelligence (AI) and electrification, agriculture has arrived as the next frontier for the energy transition and sustainability movement,” said Praveen Penmetsa, CEO and co-founder of Monarch Tractor. “Agriculture is our planet’s most important and overlooked sector, and those in the industry have faced significant challenges, including farm profitability, labor shortages, worker safety, government headwinds, data availability, and scrutiny for sustainability demands. Monarch’s application of AI and introduction of a smart, electric platform will deliver robust social, economic, and environmental returns to farmers.”

AI continues to revolutionize farming machinery

Tractors have been the center of all farm operations for several decades. Yet, they’ve been underutilized as a hub for robotics innovation and farmer payback.

In December 2022, Monarch released the world’s first fully electric, driver-optional, smart tractor, the MK-V, to combat profit challenges, address sustainability demands, and revive agriculture innovation. Since then, the deployment of more than 400 MK-V’s have helped; resulting in more than 850 tonnes of harmful CO2 emissions offset across 42,000 hours of tractor operations.

Monarch’s WingspanAI app is equipping farmers with unprecedented access to on-farm data, integrating a farm management system, vehicle position tracking, crop image collection, and automated operations planning into one platform. The continual development of product solutions, including the introduction of new AI capabilities, will be the driving force in closing the industry’s profit gap.

This funding round will support the expansion of Monarch’s digital solutions and AI applications, including the development of Autodrive, Monarch’s autonomous operations feature, for new global markets and crop sectors.

For more information on Monarch Tractor, visit: www.monarchtractor.com/

About Monarch Tractor

Monarch Tractor’s MK-V is the world’s first fully electric, driver-optional, smart tractor that combines electrification, automation, machine learning, and data analysis to enhance farmer’s existing operations, cut overhead costs, reduce emissions and increase labor productivity and safety. Monarch Tractor is committed to elevating farming practices to enable clean, efficient, and economically viable solutions for today’s farmers and the generations of farmers to come. Operating in more than five continents, Monarch Tractor serves vineyards, orchards, blueberries, dairy, and land management sectors. With cutting-edge technology and a global presence, Monarch is delivering meaningful change for the future of farming. For more information, visit www.monarchtractor.com.

Monarch Tractor Media Contact:

Sling & Stone l monarchtractor@slingstone.com

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Inventiveness and Endurance Propel Introspect Technology into The Globe and Mail’s Ranking of Canada’s Top Growing Companies for the 5th Consecutive Year

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A private company with offices straddling the east and west coast of Canada, Introspect Technology boasts an impressive global reach in the deep technology industry

MONTREAL, QC, Sept. 27, 2024 /PRNewswire-PRWeb/ — Introspect Technology, leading manufacturer of electronic test and measurement instruments for high-speed digital applications, has, for the 5th year in a row, been included in the 2024 Report on Business magazine’s ranking of Canada’s Top Growing Companies. The ranking, which is evaluated based on three-year revenue growth, is testimony to Introspect Technology’s incessant ability to innovate and thrive in changing market dynamics. Founded twelve years ago as a bootstrapped startup, the company has served the global semiconductor and consumer electronics industries through multiple economic and technology cycles already. Through all these cycles, Introspect Technology has achieved consistently rapid revenue growth, making it a truly remarkable example of Canadian innovation and entrepreneurship.

Being recognized – year after year – amongst highest-growth entrepreneurial companies speaks to our unwavering commitment to innovation and excellence.

“With ever increasing demands on computing in everyday electronics, engineers in the global semiconductor and electronics systems industries rely heavily on Introspect Technology’s test and measurement tools to design and produce incredibly complex products. By enabling these engineers to perform the best work of their careers, our tools have helped create tremendous value for all of our stakeholders,” remarks Dr. Mohamed Hafed, Chief Executive Officer of Introspect Technology. “We are proud to see our efforts translate into ranking among The Globe and Mail’s Report on Business list of Canada’s Top Growing Companies. Being recognized – year after year – amongst highest-growth entrepreneurial companies speaks to our unwavering commitment to innovation and excellence. This achievement reflects the dedication of our team and the exceptional value of our best-in-class solutions which consistently resonate with our customers,” he continues.

Canada’s Top Growing Companies is an editorial ranking that was launched in 2019 to celebrate the achievements of innovative businesses in Canada. To qualify for this voluntary program, companies had to complete an in-depth application process and fulfill revenue requirements. In total, 416 companies earned a spot on this year’s ranking.

The full list of 2024 winners along with editorial coverage is published in the October issue of Report on Business magazine. The list is out now and online here.

“Our annual ranking of Canada’s Top Growing Companies reflects the sector-spanning ingenuity of this country’s entrepreneurs and corporate leaders,” says Dawn Calleja, Editor of Report on Business magazine. “And we think it’s important to tell their stories, to help inspire the next generation of up-and-comers across the country.”

“The Globe and Mail congratulates this year’s Canada’s Top Growing Companies’ winners for achieving exceptional growth and resilience in facing business challenges,” says Andrew Saunders, CEO of The Globe and Mail. “It is a testament to dedication, strategic vision, and innovative drive.”

About The Globe and Mail
The Globe and Mail is Canada’s foremost news media company, leading the national discussion and causing policy change through brave and independent journalism since 1844. With our award-winning coverage of business, politics and national affairs, The Globe and Mail newspaper reaches 6.2 million readers every week in our print or digital formats, and Report on Business magazine reaches 2.9 million readers in print and digital every issue. Our investment in innovative data science means that as the world continues to change, so does The Globe. The Globe and Mail is owned by Woodbridge, the investment arm of the Thomson family.

About Introspect Technology
Founded in 2012, Introspect Technology designs and manufactures innovative test and measurement equipment for high-speed digital applications. Whether it is the next augmented reality headset or the level-4 autonomy engine in a mobility solution, our award-winning tools are used to develop, test, and manufacture next-generation products. In short, we help the leading global technology companies make tomorrow’s technology today’s possibility.

Media Contact

Shelaine Chu, Introspect Technology, 514-819-3358, shelaine.chu@introspect.ca, https://introspect.ca

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Canadore College opens up the world of eVehicles, sustainable energy, and critical minerals to secondary school students

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NORTH BAY, ON, Sept. 27, 2024 /CNW/ – Canadore College’s Innovation Centre for Advanced Manufacturing and Prototyping (ICAMP) opened its doors to more than 100 secondary school students from Nipissing, Parry Sound, and West Nipissing. to teach about the eVehicles, sustainable energy, and critical mineral extraction/processing sectors. Canadore received $108, 825 from the Ontario government through the Ontario Vehicle Innovation Network’s (OVIN) Regional Future Workforce – Critical Minerals Pilot Program to teach the students about eVehicles, sustainable energy, and critical mineral extraction and processing.

“It’s crucial that young people across Ontario, especially those from Indigenous communities and underrepresented groups, are made aware of the rewarding career opportunities available in the critical minerals sector,” said David Piccini, Minister of Labour, Immigration, Training and Skills Development. “From mining to manufacturing, the Regional Future Workforce – Critical Minerals Pilot Program has provided the next generation with the knowledge and skills needed to excel in these high-demand fields. I commend OVIN for their dedication to ensuring that our province’s supply chain is supported by a diverse and skilled workforce, prepared to drive Ontario’s transition to an electric and sustainable future.”

“This funding provided Canadore College the opportunity to introduce students to the knowledge and skills needed to succeed in the evolving automotive and mobility industries,” said Brad Gavan, Director, ICAMP, Corporate, Community & Alumni Partnership. 

Ontario is the only jurisdiction in the western hemisphere with all of the critical minerals required to build electric vehicle batteries,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “As we look towards the future and continue to position Ontario as a top tier destination for investment, the Regional Future Workforce Critical Minerals Pilot Program will serve as a foundation for advancing workforce opportunities across the automotive, mobility, and clean technology sectors. We congratulate OVIN on the launch of this initiative and look forward to seeing their efforts boost our province’s end-to-end vehicle supply chain.”

By combining technical skills, STEM (science, technology, engineering, and mathematics) education, and skilled trades training with hands-on industry experience, students gained the knowledge and expertise necessary to thrive in the rapidly changing automotive and mobility sectors.      

The workshops included critical minerals, EV battery materials and testing, and Canadore’s Motive Power Zero Emission Training Centre. They were conducted by automotive, electrical, and innovation experts at Canadore College, within ICAMP, and staff from Miller Technology, a North Bay company that develops advanced technologies for contemporary mining operations. As part of the Canadore/ICAMP experience, students discussed what is required in a functional eVehicle as they assembled a functional eVehicle model.

“Careers in STEM fields, as well as in skilled trades, are in high demand and often underexplored,” said Sylvain Vachon, Vice-Principal of the Student Success Team and Lead in Experiential Learning at Conseil scolaire catholique Franco-Nord. “As educators, it is crucial to expose students to these growing career paths, helping them to better understand opportunities available while fostering a lasting interest in careers they might not have otherwise considered.”

“This experience empowers students to make informed decisions about their future. Careers in electric vehicles (EV) are rapidly expanding as the world shifts towards sustainable energy solutions. By exploring cutting-edge EV technologies during the workshop, Franco-Nord students gained valuable insights into this innovative field, which combines both STEM knowledge and skilled trade expertise, opening a range of exciting career possibilities in the EV industry,” said Vachon.

“ICAMP engaged the school students to learn more about critical minerals and electric vehicles,” said George Burton, Canadore President and CEO. “Canadore will play a critical role in filling the growing workforce demands and opportunities within Ontario’s critical minerals, electrical vehicles, and advanced manufacturing sectors. These students now know what Canadore can offer them in terms of career preparation.”

Ontario is leading the charge towards an electric future, one that is built on two strong foundations: the province’s wealth of critical minerals in Northern Ontario, and its highly skilled, diverse and future-ready workforce that is primed to meet the rapidly evolving demands of the automotive and mobility sector,” said Raed Kadri, Head of OVIN. “Through key workforce development initiatives that engage talent from across the province, Ontario is empowering the current and future generations of the workforce to power the province’s shift to electrification and reinforce our position as the world’s foremost automotive and mobility jurisdiction.”

Canadore College trains people through applied learning, leadership, and innovation. It provides access to over 80 full-time quality programs and has outstanding faculty and provides success services to students from nearly 400 Canadian communities and 25 international countries. The College, its students, and alumni add $402.5 million to the Nipissing Parry Sound service area economy. Approximately 1,000 students graduate from Canadore each year, and they join 70,000 alumni working across the globe. Canadore receives less than 50 per cent of its traditional funding from the provincial Ministry of Colleges and Universities and relies on its own innovation and entrepreneurial endeavours and generous donors for the balance.

SOURCE Canadore College

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A new product line to accelerate the automation of companies

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RIVIÈRE-DU-LOUP, QC, Sept. 27, 2024 /CNW/ – Automation has become critical for businesses to drive growth and performance. Companies need to accelerate their automation initiatives through more autonomous and intuitive solutions that can quickly deliver the benefits of robotics to enhance their efficiency and competitiveness.  

Driven by its commitment to innovation and supporting manufacturing companies in strengthening their operational efficiency, Premier Tech is introducing the future of automation thanks to its new product line TOMA™ – which aims to accelerate packaging automation projects through a comprehensive and intuitive do-it-yourself experience – hence delivering automation made friendustrial™.

The first product under the TOMA™ brand – and its underlying mindset – is a palletizing solution featuring the most advanced interface on the market, bringing together industrial robustness and user-friendliness with collaborative robotics. Thanks to its seamless integration requiring no coding, no engineering and no programming, both small and large manufacturers can access the benefits of automation, setting a new standard for efficiency and ease of use.

“Today, we are launching more than a product line. We are launching a totally new approach to automation — we are launching the ‘Automation made friendustrial™’ mindset. Our teams at Premier Tech Systems and Automation have successfully merged industrial-level efficiency with ease of operation. This was achieved by leveraging the cobot technology from Fanuc, the worldwide leader in robotics,” says Jean Bélanger, president and chief executive officer of Premier Tech.

This launch is backed by more than 35 years of experience in automation and palletization, combined with new technologies in cobotics and the strong commitment of Premier Tech in ensuring that advanced technologies are made available to a wide range of manufacturers.

TOMA™ comes with a new innovative business model harnessing the power of an online, seamless and intuitive do-it-yourself configuration. It will enable companies to look at their packaging operations from a new perspective and implement automation projects where the financial feasibility was yet under pressure.

“TOMA™ cobots allowed us to enhance the work ergonomics of our teams, meet their needs — especially for night shifts —, and increase our productivity. This new solution is robust, intuitive and easy to program. With its agility and reliability, we can use it in various workspaces according to our needs,” says Pascal Gagné, operations manager at Groupe TAQ and launch partner.

For more information on TOMA™ and see how your company can leverage this solution, visit www.tomarobots.com

About Premier Tech

At Premier Tech, we are all about making a difference by connecting People and Technologies for over 100 years. One team driven by a shared will to deliver sustainable solutions that help feed, protect and improve our world.

Premier Tech has a wide range of products, services, brands and technologies allowing to increase crop yields, bring beautiful gardens to life, automate the handling and packaging operations of many manufacturing facilities, treat and recycle water, support companies in their digital transformation and offer bio-ingredients for the well-being of humans and animals.

Premier Tech today records sales of more than one billion dollars and is growing internationally, driven by its 5  200 team members in 28 countries. This is our time as we move Beyond 100.

For more information about Premier Tech, visit www.premiertech.com

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SOURCE Premier Tech ltée

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