Caterpillar acquires Californian self-driving tractor startup [Los Angeles Times (CA)]
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Source: Los Angeles Times
Monarch, which at its peak drew comparisons to Tesla within the agriculture industry, ran into problems while growing the business and laid off staff in recent months. The startup said in a LinkedIn post late last week that its technology had been bought by “a large global equipment manufacturer” but did not disclose the manufacturer's name. The two people asked not to be identified because they weren't authorized to speak publicly. Caterpillar and Monarch didn't respond to requests for comment. “Building and scaling a new tractor platform in agriculture came with unforeseen challenges. We had to make difficult decisions,” like moving from manufacturing to licensing its technology for use in settings including tractors and construction equipment, Monarch wrote on LinkedIn. Construction equipment is a key part of Caterpillar's roughly $369 billion business. Monarch is the latest climate tech startup to struggle to commercialize its carbon-cutting solutions. In the past four week
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