A Saudi AgTech corporation that makes use of salt water to develop vegetation has attracted $10 million in mission capital.
The funding in Red Sea Farms, which’s primarily based totally at King Abdullah University for Science & Technology (KAUST) 60 miles north of Jeddah, is one of the sector’s largest investments to date.
The investment is being led through a collection of Saudi and UAE traders consisting of the Aramco entrepreneurship arm Wa’ed, the non-income basis Future Investment Initiative Institute, KAUST, and Global Ventures, a UAE mission capital group, it stated in an assertion on Monday.
Red Sea Farms changed into mounted in 2018 with an imaginative and prescient to lessen meals insecurity, carbon, and clean water use withinside the international and Gulf meals sectors.
Its gadget normally makes use of saltwater, slicing clean-water intake through eighty-five to ninety percent. Through a patented gadget of new, extra green sun and boom tracking technologies, saltwater replaces freshwater generally used to chill greenhouses and irrigate vegetation, it stated.
It is to start with the use of its era to develop and promote tomatoes in Saudi Arabia however in the long run plans to promote the whole turn-key developing structures to consumers across the world.
The corporation intends to apply the investment to construct and retrofit extra than six hectares of industrial farming operations is imperative and western Saudi Arabia. It presently operates a salt-water pilot greenhouse on the KAUST Research & Technology Park.
“We are proud to have designed, developed, and added one of the world’s maximum sustainable agricultural structures from our base in Saudi Arabia,” stated Ryan Lefers, Red Sea’s CEO. “The funding from our new companions will assist us to enhance international meals protection at the same time as lowering the carbon and clean-water footprint.”