Inocucor Corporation, a Montreal, Canada- and Denver, CO-based developer and producer of biological crop inputs for high-value produce and row crops, raised $9.5m ($12.1M CAD) in the second close of its Series B financing round.
The round, whih now totals $38.5m ($50.9 million CAD), was led by Pontifax AgTech, with participation from existing investors Cycle Capital Management, Desjardins Innovatech and Cairn Investments.
The company intends to use the funds to accelerate its commercialization activities, through the increased production and marketing of its first- and second-generation biostimulant products, Synergro® and Synergro Free™, and advance development of a new suite of biocontrol products that combat economically devastating diseases in high-value crops such as strawberries, tomatoes and potatoes.
Led by President and CEO Donald R. Marvin, Inocucor uses a patented fermentation process to combine multi-strains of bacteria, yeasts and fungi into biostimulants that naturally improve crop yields, shorten growing periods and create resilient soils for farmers and greenhouse growers.
A suite of microbial biocontrol products that target devastating diseases in potatoes, tomatoes and strawberries is also under development.
Early next spring, the company 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 is currently being enlarged from 10,000 to 20,000 square feet to house expanded product development and manufacturing operations. The company employs about 40 people in Montreal and the U.S., and anticipates adding another 25 to 30 high-level scientific and managerial professionals over the next year.