[Updated, 4/20/18, 4:49 pm ET. See below.] Inocucor, an agtech startup that develops and sells microbial products intended to improve plant and soil health, is now expanding its reach with a deal that gives it a market position in plant nutrition.
Denver-based Inocucor announced Tuesday that it has acquired plant nutrition company ATP Nutrition. No financial details of the deal were disclosed. But Inocuor says that the deal will allow the companies to merge their respective research and development efforts with the goal of developing products that offer both biological and nutritional benefits.
Inocucor currently markets two products, Synergro, a formulation of microbes that supports plant roots, and Synergro Free, a biofertilizer that can be applied with other fertilizers or herbicides. The company’s products are used on crops such as tomatoes, melons, and fruit-bearing trees. Manitoba, Canada-based ATP’s nutritional products were developed to be applied at various cycles of a plant’s development. Crops that use ATP products include canola, soybean, and corn, among others.
Going forward, ATP will operate as an Inocucor subsidiary, marketing its products through its existing sales and distribution channels. Jarrett Chambers, ATP’s president, will stay on as president and general manager of the operation. Inocucor will also keep ATP’s R&D and manufacturing facility.
‘[Paragraph updated to include additional financing.] The ATP acquisition comes three months after Inocucor added $9.5 million to its Series B financing round. On Thursday, the company announced another $15.9 million to close the round, bringing the round’s total financing to $54.4 million. Here’s more on Inocucor and its approach to developing plant products.
Photo by Inocucor
