Peter Thiel’s Founders Fund is leading a new funding round for New Zealand startup Halter, doubling its valuation to over $2 billion. Halter produces solar-powered AI collars with GPS that create virtual fences and monitor cattle health and behavior remotely, currently used on 5,000 farms across three countries. The system, trained on data from hundreds of thousands of animals, helps farmers manage herds via an app, saving significant costs on physical fences.

Founded in 2016 by Craig Piggott, Halter now manages over 700,000 cattle and has saved American farmers about $220 million. The startup’s subscription model charges $5 to $8 per animal per month. Despite some conspiracy theories linking Halter’s tech to Peter Thiel’s Palantir, there is no direct partnership between the companies.

Source: Bloomberg