The Sustainable Development Technology Canada (SDTC) announced they have provided $7.7 million in funding to Inocucor Technologies Inc to help support the development of their second biological crop input for agriculture.
The Montreal-based company is helping farmers feed humanity through a bio-stimulant product that speeds delivery of nutrients to plants, improving crop yields.
Its first product, Synergro, is being sold to growers of high-value produce such as strawberries, tomatoes, lettuce and broccoli.
Both of Inocucor’s products are among the first microbial products of their kind to be registered by the Canadian Food Inspection Agency (CFIA). In the U.S., Synergro is approved for use in 22 states and Synergro Free is registered in 17 states.
Innocucor previously raised $6 million last year, as well as an impressive $38.8 million Series B in the spring led by TPG ART and joined by Cycle Capital Management, Closed Loop Capital, and Desjardins Innovatech.
The new funding will help the company develop their second product, called Synergo Free, a bio-fertilizer that increases yields in row crops. They will also support production scale-up and marketing of the new product to farmers.
“The Government of Canada and the Province of Quebec have been strong supporters of Inocucor with research grants and non-dilutive capital programs since our early days,” said Donald R. Marvin, president and CEO of Inocucor. “Our proprietary microbial consortia technology is well-aligned with SDTC’s mission to bring cleaner technologies to Canadian agriculture.”
“Our government’s investments in clean technology reflect our commitment to protecting the planet. But they also point to a clear and strategic direction for economic development through innovation,” said Navdeep Bains, Canada’s Minister of Innovation, Science and Economic Development. “That’s because innovations in clean tech will lead to products and services that have an impact on all sectors of the economy. And clean tech has the potential to create thousands of well-paying jobs for Canadians. That’s how innovation leads to a better Canada.”
Inocucor’s first products are being produced at the firm’s 10,000-square-foot R&D and pilot production laboratories at Technoparc Montreal. That facility will soon be expanded to 20,000 square feet to meet the company’s increased R&D activities. Both products are designed to be compatible with existing agriculture practices.