Kraft Heinz, NotCo create JV for AI-driven plant-based innovation
The Kraft Heinz Company has created a joint venture (JV) with Chilean food tech start-up TheNotCompany (NotCo) for accelerating artificial intelligence (AI) driven plant-based innovation around the world.
Dubbed as The Kraft Heinz Not Company, the joint venture will operate under the control of Kraft Heinz. It will utilize the inherent strengths of the two firms.
Established in 2015, NotCo produces plant-based alternatives to animal-based food products. The start-up will provide the joint venture with its patented technology and AI solutions, while Kraft Heinz offers its brand portfolio and scale.
The joint venture aims to create superior plant-based versions of co-branded products.
Kraft Heinz and Chilean food tech start-up NotCo create joint venture for AI-driven plant-based innovation. Photo courtesy of The Kraft Heinz Company.
Miguel Patricio — CEO of Kraft Heinz said: “The joint venture with TheNotCompany is a critical step in the transformation of our product portfolio and a tremendous addition to our brand design-to-value capabilities.
“It helps deliver on our vision to offer more clean, green, and delicious products for consumers. We believe the technology that NotCo brings is revolutionizing the creation of delicious plant-based foods with simpler ingredients.”
The Kraft Heinz Not Company will be based in Chicago and will have research and development facilities in San Francisco. It will concentrate on plant-based innovation across various product categories of Kraft Heinz.
Lucho Lopez-May, who is presently CEO, NotCo North America will be the CEO of The Kraft Heinz Not Company.
Matias Muchnick — co-founder and CEO of NotCo said: “When we started NotCo, it was our goal to make our technology a catalyzer for a more sustainable food system not only for us, but for other brands and manufacturers who share the same ambition.
“Today is an exciting milestone for the plant-based industry and shows the power of technology’s role in driving mainstream adoption. We’re thrilled to partner with Kraft Heinz and their iconic brands and work hand-in-hand on building a more sustainable food system.”