Inocucor Corporation, a developer and producer of biological crop inputs for high-value produce and row crops, has completed a final US $15.9 million final close to its Series B funding with participation by existing investors Cycle Capital Management, Desjardins Innovatech, TPG ART, and Pontifax AgTech.
Part of the funding is likely to fund the acquisition of ATP Nutrition, a producer of science-based plant nutrients based in Oak Bluff, Manitoba, which was announced yesterday.
Ben Belldegrun, managing partner and co-founder of Pontifax AgTech, which led Inocucor’s US $9.5 million 2nd close of Series B in March 2017, has joined its board of directors. The first close of Inocucor’s Series B equity financing of US $29 million was led by TPG ART in January 2018, with participation from existing investors which also includes Denver based Cairn Investments.
[mepr-active rule=”374″ ifallowed=”hide”]★Research Note – Subscriber ONLY content: read our research and get insight on this and other deals. We offer monthly or yearly recurring or one-time trial subscriptions. Subscribe today and see what you have been missing! ★[/mepr-active][mepr-active rule=”374″]Inocucor’s three largest shareholders are TPG ART, Cycle Capital and Pontifax AgTech. [/mepr-active]
Inocucor’s President and CEO Donald R. Marvin said funds will be used to expand the company’s newly combined R&D teams’ work on development of a new class of crop inputs that combine Inocucor’s biologicals with ATP’s plant nutrients for canola, corn, soybean and other broadacre crops, as well as high-value produce markets. Products will be formulated based on plant type, geography and soil conditions.
“Our R&D focus will always be grounded in development of microbial technologies that enhance the performance of traditional crop inputs,” said Marvin. “Inocucor is well-positioned to lead the ag tech sector with ready-to-use products that combine biologicals with plant nutrients.”
In May, Inocucor will occupy its new 30,000-square-foot U.S. headquarters and commercialization office currently under construction in Centennial, Colo. Its Montreal-based, R&D-focused Technical Center of Excellence was recently expanded from 10,000 to 20,000 square feet. The company employs about 65 people in Canada and the U.S., and anticipates adding another 25 to 30 high-level scientific and managerial professionals over the next year.
Montreal and Centennial Colorado based Inocucor is an agri-tech company that develops microbial and plant nutrition products for agriculture targeting the phyto-microbiome—the seeds, plants, root systems and the soil surrounding them. Inocucor’s first product, SYNERGRO®, employs live microbes to actively improve the health of the entire phyto-microbiome. Its second product, SYNERGRO FREE™, and future generations of Inocucor products are powerful biological formulations for biostimulation and biocontrol targeting high-value crops and broadacre production agriculture.