Vence

About Vence

Vence operates as an AgTech firm, providing a virtual fencing and livestock management platform for the cattle industry. Founded in 2016 by Frank Wooten and Jasper Holdsworth, the company was established to enhance the affordability and availability of sustainably produced animal protein. Wooten, who did not come from a ranching background, was approached with the idea of using collars to manage cattle, which sparked his interest in improving the productivity of ranches, viewing them as 'grass factories'. The company's creation was spurred by New Zealand livestock producer Jasper Holdsworth's search for a technology-based alternative to traditional fencing for rotational grazing. Vence's journey included a seed round in 2017, followed by years of development and trials, leading to its acquisition by Merck Animal Health in September 2022.

The company's core offering is a system that pairs GPS-enabled collars worn by cattle with a software platform accessible via computer or smartphone. This technology allows ranchers to create and modify virtual fences, enabling them to manage rotational grazing without the significant labor and material costs of physical fences. The collars use auditory cues and a humane electric pulse to guide animal movement, training cattle to stay within the digitally defined boundaries. This system not only facilitates better pasture management and improved soil health but also provides ranchers with real-time data on their herd's location and movement. Beyond virtual fencing, the platform leverages artificial intelligence and machine learning to offer insights into animal health, fertility, and behavior. The business model is structured as a subscription service, with an annual fee per animal.

Vence primarily serves cattle producers and ranchers in the United States and Australia. Its client base includes not only private ranching operations but also federal agencies like the U.S. Forest Service and the Bureau of Land Management, which use the technology for sustainable grazing and habitat protection. Before its acquisition, Vence had raised approximately $14.7 million in funding over several rounds from investors including Eniac Ventures, Tyche Partners, and Rabobank. The acquisition by Merck Animal Health is set to broaden Vence's market reach by leveraging Merck's global footprint and expertise in the livestock sector.