LIVERMORE, Calif. – May 9, 2023 – Monarch Tractor, maker of the MK-V, the fully electric, driver-optional, smart tractor, today announced it has been named to the 2023 CNBC Disruptor 50 list for the second year in a row. Monarch Tractor placed 49 on the list for its continued development of the MK-V tractor as it launched from production lines and into farms in December 2022.
The 11th annual Disruptor 50 list consists of breakthrough venture-backed startups developing revolutionary new technology into scalable business models to build the next generation of great public companies. In its original mission to identify the next generation of great public companies, CNBC said that this year’s Disruptor 50 list could be the most consequential yet.
Monarch Tractor’s MK-V has transformed the agriculture industry with next generation EV technology and unparalleled automation capabilities, as it brings to life the company’s mission to elevate farming practices to enable clean, efficient, and economically viable solutions. The fully electric, driver-optional, smart tractor combines electrification, automation, and data analysis to help farmers reduce their carbon footprint, improve field safety, streamline farming operations, and increase their bottom lines.
"It’s been an incredible year of development for our team, and being named to this esteemed list for the second year in a row is extremely validating of all the work we’ve been doing,” said Praveen Penmetsa, Co-Founder & CEO, Monarch Tractor."We’ve celebrated some large milestones recently and we are excited to sustain this momentum as we continue to deliver Monarch’s solutions to farmers nationally and globally.”
Nominees are put through a comprehensive and rigorous process of researching and scoring across a wide range of quantitative and qualitative criteria, including scalability, revenue and user growth, as well as workforce diversity, according to CNBC. Their advisory board is composed of leading thinkers in innovation and entrepreneurship who weigh quantitative material, while the CNBC editorial staff reads submissions and provides qualitative assessments of every single nominee.
Monarch Tractor's 2023 CNBC Disruptor 50 list recognition is the latest in a series of honors and accolades the company has received including the 2023 THRIVE TOP 50 AgTech FoodTech Report, Forbes America's Best Startup Employers 2023, a CES 2022 Innovation Award Honoree in the Robotics category, and more.