NotCo, a Chile-based company renowned for using artificial intelligence to create plant-based food has reportedly secured funding from Jeff Bezos, the founder of Amazon in its recent funding round.
As per trusted sources, the $30 million funding round was led by The Craftory, offering over 60% of the capital, along with backing from Bezos Expeditions, Bezos’ family office, and existing investors IndieBio and Kaszek Ventures.
According to sources familiar with the development, the funding will be directed toward new product development like creating alternative milk and ice cream and assisting NotCo as it expands into new markets, including the United States and Mexico later this year.
For the record, NotCo was founded in 2015 by biotech expert Matias Muchnick, computer scientist Karim Pichara and biochemist Pablo Zamora. The company created Giuseppe, a machine AI platform named after the famous Renaissance artist Giuseppe Arcimboldo, which studies molecular structures to develop food combinations devised precisely from plant-based ingredients, reported sources.
The company stated that it has reacted to the rise in environmentally conscious consumers who are demanding more sustainable food alternatives which do not damage the planet. Not Mayo, the company’s first product, prepared from garbanzo beans is presently available at more than 1000 stores across Chile, said NotCo.
Matias Muchnick, CEO of NotCo, said in a statement that securing investments from both Bezos Expeditions and The Craftory has been a great endorsement for NotCo, as the business continues to innovate and develop sustainable and enjoyable new alternative food products. Their proficiency in FMCG and technology would allow NotCo to further disrupt the food industry and extend its offerings to the global audience, Muchnick added.
Elio Leoni Sceti, Co-Founder and Chief Crafter of The Craftory, stated that NotCo is an example of a mission-driven brand with the capacity to topple the conventional food manufacturing giants. The Craftory is thrilled to work with NotCo as they have brought about a paradigm shift in the food production industry and given people the option to consume environmentally accountable products, Sceti said.