Chilean food tech company, NotCo, has announced it has closed a $70 million funding round to advance its B2B unit.

NotCo – which raised $235 million in a Series D funding round last year – uses “first-of-its-kind” proprietary artificial intelligence technology, named Giuseppe, to develop plant-based foods.

Giuseppe’s algorithms analyse thousands of plants in its database to come up with combinations that replicate the taste, feel and functional properties of animal-based products.

The capital is set to advance NotCo’s B2B unit, enabling other consumer packaged goods brands, technology providers and ingredient suppliers to leverage Giuseppe, driving innovation within the plant-based industry.

The Series D1 funding round was led by investment firm Princeville Capital, which supports technology-related companies across the world. It was backed by Bezos Expeditions and Marcos Galperin, the founder and CEO of MercadoLibre, among others.

Joaquin Rodriguez Torres, co-founder of Princeville Capital, said: “NotCo is a very unique company in the food tech space globally with immense potential thanks to the team they have built and its one-of-a-kind AI technology. It’s rare to find a company with such an incredible track record of success in a short period of time, and we’re excited to help bolster the company’s growth and expansion.”

The new round was completed at the same share price as NotCo’s Series D financing in July 2021, reaffirming the company’s valuation of $1.5 billion. The latest financing follows the business’s announcement of a joint venture with Kraft Heinz, The Kraft Heinz Not Company, designed to bring together the packaged food giant’s scale and well-known brand portfolio, and NotCo’s patented technology and AI solutions.

NotCo’s co-founder and CEO, Matias Muchnick, commented: “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.”

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