Procreate is the name of Corel's new graphics software division. Painter (aquired from Metacreations), KPT Effects (also from Metacreations) and KnockOut (purchased from Ultimatte) are their current products. Corel has chosen to place these three products into their own brand, rather than combining them with CorelDraw and their other graphics products.
The Procreate logo is a blue or magenta rabbit silouette, a play on the Procreate title.