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Upon approval Saffron Tech can take the fast track for TASE IPO as an R&D company.
Tel Aviv, Israel, May 10, 2021 (GLOBE NEWSWIRE) -- Seedo Corp. (OTCQB: SEDO) has successfully applied to the Israeli Innovation Authority for a $1.7 million grant. The funds would go towards developing a new approach to cultivating saffron that would expand the market. Factors that have hindered market growth include the high cost and labor-intensive process required by traditional agricultural farming and the specific climate conditions that limit cultivation to one time per year. Seedo Corp. is developing the protocols to grow saffron year-round using vertical farming technology. This would provide a reliable source of saffron for applications in a variety of sectors including pharmacology, culinary, beauty and wellness. The Israeli Innovation Authority looks to support disruptive innovation that can bring change to the technological landscape.
“This support will maintain the great momentum we’ve gathered this year,” says David Freidenberg, CEO of Seedo Corp. “The Israeli Innovation Authority serves as an accelerator for innovative projects. We are thrilled to be a contender for the R&D funding the agency provides to help companies realize their goals and it will be part of our IPO strategy for Saffron Tech”
According to Business Insider, “real saffron can cost you over $10,000 per kilogram.” Despite the high cost, the demand for saffron is high and increases annually with an anticipated revenue based CAGR of 5.99%. Reshaping the way saffron is produced could improve the supply chain and create business opportunities that would expand its presence in the market.
Seedo Corp. (OTCQB: SEDO) is an agritech company that focuses on the research, development and commercialization of agriculture products. Seedo’s technology is aimed at transforming the way agriculture is done by offering a responsible and sustainable way to grow crops in a world confronted by environmental challenges and dwindling earth reserves, diminishing water sources and unstable weather conditions. Saffron Tech is a wholly owned subsidiary of Seedo Corp.
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David Freidenberg, Chief Executive Officer,