Saffron Tech has been awarded a $1 million grant from the Israeli Innovation Authority. The new grant will allow the AgTech company to build a pilot facility for growing saffron with vertical farming technology. This is the second grant Saffron Tech has been awarded from the Israeli Innovation Authority and comes to the company on the heels of its recent investment agreement with Dreamtech Company. The funds will help the company revolutionize the billion-dollar saffron market by purveying a large-scale, consistent, and premium supply of the spice known as “red gold” to a multitude of industries, including beauty, wellness, and health.
“We are thrilled that a discerning institution like the Israeli Innovation Authority awarded Saffron Tech the highly coveted grant,” said Tal Wilk-Glazer, CEO of Sativus Tech. “The grant will help us with our mission to usher in a new era of growth in the saffron market. We look forward to becoming the go-to source for premium saffron and welcoming collaboration opportunities with companies from all sectors that are looking for new ways to leverage the saffron in their product line.”
The Israel Innovation Authority is an independent publicly funded agency created to provide funding platforms aimed at effectively addressing innovation ecosystems. This grant demonstrates the Israel Innovation Authority's recognition of the innovation and potential of Saffron Tech’s technology and solutions.
Saffron Tech recently entered into an investment agreement with a Korean-based company, Dreamtech Co, a leading provider and manufacturer of tech components for ground-breaking devices. The new agreement gives Saffron Tech an initial investment of $1 million, followed by an additional $1 million upon the successful cultivation of saffron in Korea.
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