Canadian cleantech venture fund Cycle Capital Management has led a Series A round of investment into Inocucor Technologies, an agri biotech company producing yeasts and bacteria that can help develop sustainable soil, seed and plant accelerators.
Inocucor is now raising a Series B round which will be completed in the second half of 2015, according to a spokesperson for the company. She would not disclose the size of either round.
Cycle, which first invested in Inocucor in 2013, was joined in the round by Desjardins Innovatech, a co-operative financial group with over $200 billion in assets, and some returning angel investors.
The investment will fund further commercialisation of Inocucor’s patented technology, which uses a similar fermentation process to that used in winemaking, according to the press release.
“All eyes in agriculture are focused on biological, rather than chemical, solutions to improve yields and build healthy soils,” said Donald Marvin, president and chief executive of Inocucor. “Cycle Capital and Desjardins are helping fund Inocucor’s important mission to create new sustainable products that help farmers feed a growing world population.”
The Series B funding will be used to accelerate the commercialisation of Inocucor’s second-generation cell-free bio-stimulation product targeting the production agriculture market, according to the release. Proceeds from this financing may also be used to acquire complementary technologies and products currently under review by the company, it added.