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Chilean AI food-tech company NotCo has confirmed it has sold its operations in Brazil to local investment firm Ferrara, owner of a portfolio of natural food brands in Brazil and the US.
NotCo, headquartered in Santiago, uses machine learning technology – specifically, its proprietary AI platform ‘Guiseppe’ – to develop product and ingredient innovations for its own food brands as well as other F&B companies as a global B2B formulation partner.
The company has operated in Brazil for the past six years. The acquisition by Ferrara is described by the food-tech player as an ‘important milestone,’ with NotCo sharing in a statement on LinkedIn: “This marks the beginning of a new stage that will accelerate the expansion and scale of NotCo's brand and innovation throughout Brazil, enhanced by a great distribution capacity at a national and international level, knowledge of the local market and synergies with its businesses”.
FoodBev Media has reached out to NotCo to confirm whether the company’s workforce in Brazil will be transferred under the deal, and if not, how many jobs will be lost as a result of the transaction.
Meanwhile, Chilean news outlet Diario Financiero has reported that NotCo has closed its Mexican business after being unable to secure a buyer. NotCo declined to confirm or comment further on these reports.
Founded in 2016, NotCo was established with an aim of developing vegan alternatives to traditionally animal-derived food products. It was originally founded as a plant-based consumer brand and has since shifted its focus to becoming a broader, AI-led platform that works collaboratively with industry partners to accelerate R&D processes and product development initiatives in plant-based and beyond.
The company has since launched more than 100 products and has more than 24 patents, continuing to develop products for its own brands as well as in partnership with F&B industry leaders. In 2022, it began a joint venture with Kraft Heinz, named The Kraft Heinz Not Company.
Other notable industry partners include Barry Callebaut, which teamed up with NotCo to explore the use of AI in chocolate development, and The Magnum Ice Cream Company, aiming to reformulate its products with a focus on healthier indulgence, supported by NotCo’s AI tech.
