Inocucor Corporation, a startup company that specializes in microbial products for crop and soil health, has announced it is changing its name to Concentric Ag Corporation.
The company, which has facilities in Manitoba, Quebec and Colorado, says its new name means “having a common centre” and “symbolizes growth and vitality in nature like rings in a tree.”
Inocucor reported it had raised C$50.9 million in Series B financing earlier this year.
“Our new name Concentric signifies a pivotal moment for the company,” says President and CEO Donald Marvin, in a news release announcing the name change. “We have closed our Series B funding, completed our first strategic acquisition and have hired a very smart group of executives to drive commercial expansion in North America and beyond. We are focused on leading the industry with biological and plant nutrient combinations that bring real solutions to growers.”
Concentric acquired ATP Nutrition, a plant nutrient company based in Oak Bluff, Manitoba last month. The company also moved into its new U.S. headquarters in Centennial, Colorado this week, and recently expanded its research facility in Montreal.
The company says it employs about 65 people in the U.S. and Canada, but anticipates adding 25 to 30 scientific and managerial positions over the next year.