Chilean-based startup company, NotCo has raised $30 million in funding using The Craftory investment fund, which has attracted investment from Jeff Bezo’s ‘Bezos Expeditions’ among others.
NotCo uses an artificial intelligence (AI) platform, called Giuseppe, to create plant-based versions of dairy products. It analyzes the products at a molecular level so that it can recreate plant-based versions that have the same flavors and textures as the original foods.
In the case of their ‘Not Mayo’ product, which is currently available in over 1,000 stores in Chile, Giuseppe guided them to use potatoes, peas, basil and canola oil in lieu of eggs and vegetable oil.
The money NotCo has raised in this latest investment venture will help the company to create new products such as plant-based milk and ice-cream and will help them to expand into further markets. They plan to move into Mexico and the United States later this year.
NotCo is not the only company enjoying hefty investment backing as investors are clamouring to get a slice of the plant-based product action. Other companies such as Impossible Foods, Beyond Meat, and Motif are among just some of the plant-based start-ups that are attracting funding in the hundreds of millions.
Food brand giants such as Nestle, Unilever, and Tyson are all following hot on the trail of these pioneering start-ups, by either investing in plant-based companies, buying out the companies completely, or introducing their own plant-based food product ranges.
The use of high-tech artificial intelligence to determine flavor, texture, and the molecular structure of foods – and most importantly, to create foods that actually taste good- is a key part of the plant-based industry’s continued success.
In addition to this, there is now huge consumer demand for plant-based products as more people become aware of the ethical, environmental, and health issues associated with the production and consumption of animal products.
This latest investment in NotCo is great news as it further signals that the plant-based food sector will continue its rapid growth and that we can expect many more innovations to come.