Israel foodtech startup Saffron Tech has been awarded a 3 million-shekel ($929,000) grant from the Israeli Innovation Authority to support its R&D efforts in cultivating saffron using vertical farming technology.
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The new grant will allow the company to accelerate its R&D program by expanding its facilities, allowing it to grow more saffron for commercial use, bringing the company closer to its goal of revolutionizing the billion-dollar saffron market.
"We are very proud to receive this funding and for the recognition of our innovative solution 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 our company forward-thinking endeavor. Saffron is just the start and this generous grant will help us advance further in our business plans," Freidenberg said.
