Saffron Tech has entered into an investment agreement with Korean-based company Dreamtech Co, Ltd, which will fund an initial investment of $1 million followed by an additional $1 million upon successful cultivation of saffron in Korea. Saffron Tech aims to be the first company to create a large-scale production of saffron using vertical farming technology to meet the growing demand for the spice for use in beauty, wellness, and pharmaceutical applications.
“This partnership with Dreamtech will allow us to unlock Saffron Tech’s full potential,” said Tal Wilk-Glazer, CEO of Saffron Tech. “This is a major step in preparing for commercializing saffron and allows us to establish the necessary manufacturing structure to drive revenues to Saffron Tech. Together we will be able to expand the world of saffron into new markets.”
Companies are increasingly recognizing the value of saffron and are finding new ways of implementing the spice into new products. The growing interest in the saffron spice comes at a time when it has been reported that cultivation has fallen significantly due in part to climate change. According to reports, production of the saffron crop in Pampore, India, “has reduced by over 60% in the past 20 years.” Saffron Tech’s proprietary protocol for growing multiple cycles of saffron annually in indoor vertical farms would seem an obvious solution to the decline in production.
“We see immense potential in satisfying consumer demand for saffron in the APAC region and beyond,” said Kevin Joung, CTO of Dreamtech. “Saffron Tech has developed a world-class technology that is transformative. We are confident that together we can create a new business landscape in the saffron industry.”
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