The news: Founders Fund is set to lead a funding round to back AI-powered cow collar maker Halter, in a bid to double its valuation to more than USD2 billion ($2.85 billion).

The context: The latest funding round is expected to value Halter at roughly USD2 billion, though the final size of the raise hasn’t been determined due to strong investor demand, according to Bloomberg.

Halter was last valued at USD1 billion in a June funding round led by BOND. The Auckland-based company has since opened an office in Colorado and said it’s prioritising expansion in the US.

Halter’s technology is designed to create a virtual fencing system for cattle, allowing farmers to monitor the locations and health data via an app. Its solar-powered collars connect to farmers’ phones, enabling remote pasture management.