AKIPRESS.COM - South Korea-based smart farming company backed by top private investment firm IMM Investment will venture high-tech fresh food farming in Mongolia, Pulsnews reported.

According to the investment banking industry on Tuesday, PlanTFarm, a portfolio company of IMM Investment, signed an agreement with Premium Group of Mongolia to jointly set up an agri-tech firm in Mongolia, the first of its kind in the country.

The JV project is to create and operate indoor vertical farms this year to grow and sell fresh vegetables in Mongolia.

PlanTFarm is a Korean vertical farming solutions company, in which IMM Investment has commanded largest stake since 2014.

PlanTFarm holds agri-tech solutions to produce crops in challenging environments by controlling external conditions such as light, temperature, and humidity. The firm came under the spotlight for its successful plantation in harsh environments such as subway stations and Antarctic base camps.