Halter, a New Zealand-based agtech company, has raised NZ$165m ($97.9m) in a Series D funding round, elevating its valuation to NZ$1.65bn ($1bn).

The funding was spearheaded by BOND, an investment firm specialising in technology, with additional contributions from NewView Capital and ongoing support from local investors such as Blackbird and Icehouse Ventures, alongside backing from Bessemer Venture Partners, DCVC, and Promus Ventures.

Founded in 2016, Halter has developed a virtual fencing and animal management system designed to enhance productivity for farmers.

Central to this system is a solar-powered smart collar for cattle, complemented by connectivity towers and a mobile application that allows farmers to manage their livestock and pasture remotely.

The collars utilise sound and vibration cues to guide the cattle, enabling farmers to virtually fence, relocate, and monitor their herds continuously.

The company currently serves thousands of farmers across New Zealand, Australia, and the US, with new clients regularly adopting the system.

Headquartered in Auckland, the company employs more than 200 staff across its operational regions.

Halter CEO and founder Craig Piggott said: “Halter was built with our early farmers – we wouldn’t be here without them. We’re deeply grateful for their trust. This capital will help unlock productivity gains for even more farmers.

“Halter farmers are more profitable and get better outcomes for the environment and their animals. Farmers use Halter to grow and harvest more grass, reduce workload, increase herd size, improve animal health and welfare, and unlock environmental benefits.”

Dae-gwon Chae, General Partner at BOND, highlighted the significance of the cattle industry, noting that products derived from cattle generate more than $1trn annually.

Chae said: “Farmers feed billions of people but are constrained by traditional bottlenecks of the offline economy – labour, time, and limited automation.

“Halter’s vision is ambitious and impactful, to build the digital operating system for farms and ranches globally, leveraging the cutting-edge of physically-enabled technology.”