Shareholders Craig Piggott, Max Olson and Sir Peter Beck vacated their shares in the New Zealand entity in 2017 as Halter Limited became 100% owned by California-incorporated Halter USA Inc following an internal restructure as the start-up drew major funding from Silicon Valley venture capital firms (including early Rocket Lab backers Bessemer, DCVC and Promus).
Halter, founded by ex-Rocket Lab engineer Piggott in 2016, has operations in New Zealand, Australia and the US. The Herald has only cited its New Zealand filing, for Halter Limited. Management and other key functions remain in Auckland.
“The statements represent only the New Zealand operations and do not represent the overall financial performance or position of the Halter group globally,” a spokeswoman said.
Halter Limited’s net profit for the nine months was $2.6m versus $53.9m for the 12 months to March 31, 2025.
But its FY2025 profit was swelled by a non-cash one-off as Halter USA forgave a $51m related party loan.
Halter Limited also guarantees a US$40m ($68m) undrawn revolving credit facility for Halter USA Inc.
“Subscription and instalment revenue” was $49.7m for the nine months, versus $34.8m for FY2025.
Notes with the accounts say, “farmers sign up to a 24 to 36-month subscription that is either billed monthly, or annually upfront”.
“Services income” from Halter USA was $48.4m for the period versus $36.5m for the 12 months prior.
Notes with the accounts say, “Services, including for the development of intellectual property, are performed by the company for Halter USA Inc. Services are recognised as they are provided based on the actual costs of services plus a margin”.
Halter also recorded $134,000 in grant income from Callaghan Innovation via the Crown agency’s Research and Development Experience Grant versus $51,000 last year.
Callaghan was defunded in last year’s Budget. From November 2025 its grant function was absorbed into the Ministry of Business, Innovation and Employment (MBIE).
New customer total
“Globally, the Halter Group continues to grow at pace, and now serves over 3500 farms and ranches, with 1.5 million collars on cattle. Momentum has continued to increase since launching a direct-to-satellite product in April, with over 500,000 collars signed up in Q2 2026 alone,” a spokeswoman said.
That compares to 2000 farms and 500,000 collars in June last year.
“Halter has also continued to increase the size of its workforce, with global headcount increasing from 255 to 535 over the past 12 months. The group continues to hire across the business, and is preparing to enter the South American market this quarter,” the spokeswoman said.
Piggott said he was excited for the second half of 2026: “We are in a time of incredible change and expansion for Halter as we continue to build out our business, both in New Zealand and globally.
“We are hiring more staff, building more products, and bringing Halter to even more farmers and ranchers around the world. There’s so much more to do – we’re really just getting started on our mission to help make agriculture more efficient and sustainable.’”
Competition from Gallagher
Gallagher Group – also privately held – entered the smart collar market by buying Melbourne-based eShepherd for A$40m ($48m) in 2021.
In June, the firm told the Herald that smart collar sales to 3000 farms over the past 12 months and “hundreds” of collar sales per month were a key component of revenue jumping by a third to $600m in the year to March. Europe was a key market.
Gallagher sells its collars for $350 upfront, with no monthly fees.
Halter has no charge for its collar but a $9.90 per month subscription for its core product (extras cost more, including $1 more per month for its new – and unique – Starlink-connected collar option, which it bills as more practical than radio masts for remote or high-country farms, and various AI-powered farm management tools).
Valuation doubles to $3.3 billion in a year
In June last year, Halter raised US$100m at a “unicorn” or US$1 billion ($1.65b) valuation in a Series D round led by California-based tech investment firm Bond – co-founded by high-profile venture capitalist Mary Meeker.
In March this year, Halter raised US$220m at a US$2b valuation – smashing its own record for the largest venture capital raise by a New Zealand-founded company.
The monster raise was led by Peter Thiel’s Founders Fund and was at double the valuation of Halter’s US$100m mid-2025 raise.
Existing investors also chipped in, including New Zealand’s Icehouse Ventures (which has detailed the huge gains it’s made from its Halter investment – below), Australasian player Blackbird and Silicon Valley’s Bessemer, DCVC, Promus and Bond.
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Speaking from Halter’s office in Colorado in March, at the time of the US$220m raise, Piggott gave the Herald a rare customer update.
Gallagher hasn’t given a collar count to go with its 3000-plus farms brag.
Piggott said the new funds would go towards product development, expanding Halter’s operation in the US and Australia and entering new markets including South America, the United Kingdom and Ireland.
“We’re going to fast-track our global expansion,” Piggott said.
He sees a lot more room to grow in New Zealand, too, for Halter’s products, which have expanded to pasture management. AI is now heavily in the mix.
Halter is now incorporated in California (home of its largest investors over its last two rounds) but its management and R&D – and most of its 350 staff – remain in Auckland.
Piggott said staff numbers have been doubling each year. He expects that trend to continue with the latest injection of capital.
Chris Keall is an Auckland-based member of the Herald’s business team. He joined the Herald in 2018 and is the technology editor and a senior business writer.
