# Hone Pty.

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/hone-pty

- Industry: Software
- Headquarters: Australia
- Website: www.honeag.com
- Total disclosed funding: $2.1M
- Latest round: Seed (Mar 1, 2019)
- Investors on record: 1

## About

Hone Pty. Ltd. is an Australian agricultural technology company that specializes in advanced in-field quality measurement solutions, enhancing decision-making for farmers through innovative tools.Founded in 2016 in Australia, Hone Pty. Ltd. focuses on agricultural technology solutions. The company was established by Antony Martin and William Palmer. Hone has raised a total of AUD 2.6 mn through 6 deals, with the most recent funding round occurring on February 22, 2022, led by Silverstrand Capital. The company operates its headquarters in Australia without any known subsidiaries.Hone Ag specializes in providing advanced agricultural technology solutions, primarily through in-field quality measurement using Near-Infrared (NIR) spectroscopy. Their key products include Hone Lab Red, a portable device for on-farm grain analysis, and Hone Carbon, a soil testing and carbon measurement service. The Hone Lab Red allows farmers to assess grain quality by measuring moisture and protein levels, helping them optimize their harvest decisions. Hone Carbon offers a comprehensive soil carbon measurement service that is compliant with Australia's Carbon Farming Initiative, catering to sustainability-focused agricultural producers. The company primarily serves the Australian agricultural sector and is expanding into international markets, with clients including broadacre cropping farmers and agronomic service providers.Hone Ag generates revenue through the direct sale of its products and services, targeting agricultural producers and related stakeholders with a business-to-business (B2B) model. Sales involve one-time purchases of devices like Hone Lab Red and Hone Carbon, as well as potential subscription services for ongoing data analysis and support. The pricing strategy reflects the value provided in enhancing agricultural productivity and sustainability, with flagship products recognized as essential tools for improving operational efficiency.In February 2022, Hone Pty. Ltd. raised AUD 2.6 mn in venture funding led by Silverstrand Capital. The company plans to utilize this financing to grow its network and enhance its offerings. Future strategies include the design and launch of new products, with specific details and release dates yet to be disclosed. Hone Ag also aims to expand into additional international markets where precision farming practices are gaining traction.

## Funding rounds

- Seed, Mar 1, 2019, $0.7M — Tidal Ventures
- Seed, Feb 1, 2018, $0.7M — Tidal Ventures
- Seed, Sep 1, 2017, $0.7M — Tidal Ventures

## Investors

- Tidal Ventures (https://capitalatlas.ai/funds/tidal-ventures) — Seed