$1M grant to revolutionize saffron industry

Added on 25 April 2023

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$1M grant to revolutionize saffron industry

The Israeli Innovation Authority has granted Saffron Tech Ltd, a subsidiary of Sativus Tech (OTC: SATT), a $1 million grant. The AgTech firm will be able to construct a test facility for cultivating saffron using vertical farming technology thanks to the new funding. Following a recent investment deal with Dreamtech Company, Saffron Tech has received its second grant from the Israeli Innovation Authority. By supplying a large-scale, reliable, and premium supply of the spice known as “red gold” to several industries, including beauty, wellness, and health, the money will assist the firm in revolutionizing the billion-dollar saffron industry.

Tal Wilk-Glazer, CEO of Sativus Tech, said, “We are delighted that a prestigious organization like the Israeli Innovation Authority granted Saffron Tech the highly desired funding. “The award will assist us in achieving our goal of bringing about a new phase of expansion in the saffron industry. We welcome partnership possibilities with businesses from all industries who are searching for fresh ways to incorporate saffron into their product line and look forward to becoming the go-to supplier for premium saffron. The Israel Innovation Authority is a free-standing, publicly financed organization established to offer financial platforms for innovation ecosystems. The Israel Innovation Authority has recognized the creativity and promise of Saffron Tech’s technologies and solutions, as evidenced by this funding.

A prominent supplier and producer of technological components for ground-breaking products, Dreamtech Co., located in Korea, and Saffron Tech recently engaged in an investment agreement. The new arrangement provides Saffron Tech with a $1 million initial investment and an extra $1 million upon successful saffron cultivation in Korea.