Israel-based Saffron Tech Ltd. announced a new investment agreement with Korea-based Dreamtech Co. Ltd., a manufacturer of innovative tech components, including advanced mobile and medical devices.
As a subsidiary of Sativus Tech Corp., Saffron Tech is rewriting the protocols for growing saffron with an aim to be the first company in the world to accomplish large-scale production of the spice.
By leveraging its technology platform, the startup would not only be able to grow saffron indoors, but it would be able to conduct multiple yearly harvests to meet growing demand from multiple industries, including the beauty, wellness, and pharmaceutical sectors.
Under the terms of this investment, Dreamtech will commit an initial $1 million in the capital, followed by another $1 million upon the successful cultivation of saffron in Korea.
“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.”
Sometimes called “red gold,” saffron is renowned and treasured around the world for its intense color and distinctive earthy aroma – but its production is not easy. The spice is actually the stigma of the Crocus sativus plant, the seeds of which are sterile, necessitating human intervention to accomplish pollination.
Read the entire article at Global Ag Investing