This Week in Tech: IKEA and Other Heavy Hitters Invest $40 Million in Vertical Farming
IKEA and Other Heavy Hitters Invest $40 Million in Vertical Farming
Courtesy AeroFarms
Swedish furniture company IKEA, top chef David Chang of Momofuku Group, Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum, and more big names and companies have invested a combined $40 million into AeroFarms, a vertical farm producer based in Newark, N.J.
The company, which recently completed the world's largest indoor vertical farm in the city, "will use the latest round of funds for continued investment in leading R&D and technology and additional farm expansion around the world," according to the company's press release.
Aerofarms uses a closed-loop aeroponics system (the process of growing plants in a mist environment rather than in soil) that the company says uses 95 percent less water than field farming. [AeroFarms]