SOUTH AMERICA – NotCo, a food-tech company focused on producing plant-based alternatives to animal-based products, has raised US$70 million to fund the acceleration of its AI technology.
Founded in 2015, NotCo has 12 patents in the united states and is behind the NotMilk, NotBurger and NotChicken brands sold in the US and all over North America. It is currently worth US$1.5 billion
Besides its rapid and consistent growth, NotCo is also known for its technology which gives it the ability to recreate the same organoleptic experience in the consumption of animal-based foods that used plant-based ingredients.
The company is behind Giuseppe, a first-of-its-kind patented AI technology, which is already licensed to Kraft Heinz to form The Kraft Heinz Not Company which creates plant-based versions of Kraft Heinz products.
With the new funding, NotCo looks to make its revolutionary technology available to more players in the food industry including ingredient suppliers, manufacturers, and technology providers.
Matias Muchnick, co-founder and CEO of NotCo said, “Building off the example of our joint venture with Kraft Heinz, we’re excited to develop new, impactful partnerships leveraging our proprietary technology.
These partnerships will help diversify and accelerate our impact while scaling the accessibility of truly delicious plant-based options to further propel the industry forward.”
This latest funding round, the D1 Series, was led by Priceville capital, an investment firm that focuses on fast-growing tech-involved companies, and other existing investors such as Jeff Bezos of Amazon, L Catterton, and Marcos Galperin of MercardoLibre.
Muchnick said in an interview with Just Food, “We see each area of our business as critically important but are very excited to lock hands with additional partners to strengthen their innovation and make a larger exponential impact together.”
Following the early success of our new joint venture with Kraft Heinz this year, we knew this was the right time to welcome others into the fold and start accelerating the transformation of the plant-based industry.”
In addition, the AI technology will offer benefits of added accuracy, precision and speed while cutting down on research and development timelines compared to what the traditional methods used to deliver.