Israeli food tech company Saffron Tech, a subsidiary of Seedo, has been awarded a NIS $3 million ($930,000) grant from the Israeli Innovation Authority to enable the company to accelerate its R&D program using vertical farming technology.
The funds will allow the company to expand its facilities to grow more saffron for commercial use, bringing the company close to achieving its mission to revolutionize the billion-dollar saffron market, Saffron Tech said in a statement.
Founded a year ago, Saffron Tech enables the controlled, automated cultivation of agricultural crops under laboratory conditions, saving water, land and labor while significantly increasing the quality and quantity of output. The company’s system allows for complete control of the plant environment including temperature, humidity, and irrigation. It is coupled with an advanced AI tech that constantly monitors its health.
Saffron Tech says it has already successfully harvested two cycles of saffron in its indoor growing lab whereas traditional agriculture only produces saffron once a year. The company says it is now designing the growing conditions which it believes will enable it to produce a third cycle, tripling the amount of saffron available to the marketplace
“Saffron is just the start and this generous grant will help us advance further in our business plans,” said David Freidenberg, CEO of Saffron Tech. 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.”