Saffron Tech Ltd, a subsidiary of Sativus Tech Corp, has signed an investment agreement with Dreamtech Co, Ltd, a Korean-based company. The deal includes an initial investment of $1 million and an additional $1 million upon successfully cultivating saffron in Korea. Saffron Tech aims to use vertical farming technology to create large-scale production of saffron to meet the increasing demand for use in beauty, wellness, and pharmaceutical applications. In addition, the partnership between the two companies is intended to expand the world of saffron into new markets and satisfy consumer demand in the APAC region and beyond.
The popularity of saffron has increased, but production has decreased significantly due to climate change. According to reports, there has been a reduction of over 60% in Pampore, India, over the past 20 years. However, saffron Tech’s proprietary protocol for growing multiple cycles of saffron annually in indoor vertical farms can solve the decline in production. In addition, the company’s innovative technology will allow it to grow saffron year-round, regardless of climate conditions.
Dreamtech is a leading provider and manufacturer of tech components for innovative products, including advanced mobile and medical devices. The partnership between Saffron Tech and Dreamtech is seen as an opportunity to unlock the Israeli company’s full potential. The CEO of Saffron Tech, Tal Wilk-Glazer, believes this partnership will help establish the necessary manufacturing structure to drive revenues to Saffron Tech. In addition, the CTO of Dreamtech, Kevin Joung, is confident that together they can create a new business landscape in the saffron industry.
This investment is a significant step in preparing for commercializing saffron. Saffron Tech and Dreamtech will work together to expand the saffron industry into new markets and meet the growing demand for saffron in the beauty, wellness, and pharmaceutical industries. In addition, vertical farming technology will allow for year-round saffron production and help mitigate the effects of climate change on saffron production. With this investment and partnership, Saffron Tech and Dreamtech are poised to become leaders in the saffron industry.
Photo by Mehdi Torabi on Unsplash
