Temasek backs US$30m firm for vertical farming innovation to boost Singapore's food supply
A new S$41.2 million company has been formed to develop breakthroughs in vertical farming, a move that will help to further reinforce Singapore's food supply. Called Unfold, it is a tie-up between Singapore state investment firm Temasek and a unit of Bayer. ST understands that they will have an equal share of the company, which is incorporated in US. Its primary focus is on improving the quality and variety of food as well as boosting the efficiency of its production, including that of popular vegetables such as lettuce and spinach. In doing so, it will ensure the safe and reliable supply of food, something that is vital for countries with little arable land and in times of crisis like the Covid-19 pandemic, said Bayer on Wed, when announcing the union between its investment unit Leaps by Bayer and Temasek.The focus on the genetic potential of vertical farming sets the company apart from most vertical farming start-ups, which invariably concentrate on developing more efficient infrastructures, Bayer said.