Saffron Tech receives $1M grant from Israeli Innovation Authority to push vertical farming technology
Israeli agtech start-up Saffron Tech has secured a grant of $1M from the Israeli Innovation Authority – an independent publicly funding agency working to address innovation ecosystems – in its latest funding campaign.
Saffron Tech provides controlled, remotely managed solutions for the cultivation of high-quality, high-yield saffron to be produced all year round. The automated vertical farming technology provides the ideal conditions at each stage of the growth process. Its technology uses low levels of water, space, fertiliser and energy making it an environmentally-friendly solution. Furthermore, the sealed environment the saffron is grown in removes the need for pesticides and herbicides ensuring that the end-product is clean and safe.
Saffron Tech seeks to revolutionise the billion-dollar saffron industry by producing large-scale supplies of the spice to the market.
The grant will enable the start-up to accelerate its R&D program by expanding its facilities and subsequently enabling the growth of higher yields of saffron for commercial use.
“We are very proud to receive this funding from the Israeli Innovation Authority,” says David Freidenberg, CEO of Saffron Tech. “In this new era of agriculture that incorporates innovative technology to the cultivation process, it makes sense that the Israeli Innovation Authority would support Seedo’s forward-thinking endeavor. Saffron is just the start and this generous grant will help us advance further in our business plans. The Israeli Innovation Authority reviews thousands of new and innovative science companies in determining which ones not only have disruptive science, but also the stability and practicality to function in the open market environment, so this is truly a badge of honor.”
Saffron Tech is a subsidiary of Seedo Corp, an agritech company focusing on the research, development and commercialisation of products used in the agriculture of saffron, exotic plants and mushrooms.