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Israel Innovation Authority
Seedo Corp. subsidiary, Saffron Tech, has been awarded a $1 million grant from the Israeli Innovation Authority to support its R&D efforts in growing saffron using vertical farming technology.
Tel Aviv, Israel, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Seedo Corp. (OTC: SEDO) subsidiary has been awarded a $1,000,000 (One Million) grant from the Israeli Innovation Authority. The new grant will allow the agtech company to accelerate its R&D program building on its groundbreaking development of the protocols for growing saffron using vertical farming technology. The funds will be allocated to enable the company expand its facilities, allowing it to grow more saffron for commercial use. This will bring the company closer than ever to achieving its mission to revolutionize the billion-dollar saffron market by bringing a large-scale supply of the spice to the market. The Israel Innovation Authority is an independent publicly funded agency created to provide funding platforms aimed at effectively addressing innovation ecosystems. This grant demonstrates the Israel Innovation Authority recognition of the innovation and potential of the company's technology and solutions.
“We are very proud to receive this funding from the Israeli Innovation Authority,” says David Freidenberg, CEO, Seedo Corp. “In this new era of agriculture that incorporates innovative technology to the cultivation process, it makes sense that the Israeli Innovation Authority would support Seedo’s forward-thinking endeavor. Saffron is just the start and this generous grant will help us advance further in our business plans. 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.”
Seedo Corp. and its subsidiary recently invested in state-of-the-art equipment featuring the latest software designed to create the precise growing conditions to deliver superior quality saffron suited for a variety of applications. The company has already successfully harvested two cycles of saffron in its indoor growing lab. Traditional agriculture only produces saffron once annually. The company 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.
Seedo Corp. (OTC: SEDO) is an agtech company that focuses on the research, development, and commercialization of agriculture products that are high in demand but are hindered by the low yields and specifications required by traditional farming. Seedo's technology is aimed at 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.
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