NotCo Sells Brazilian Business & Reportedly Closes Mexican Arm Amid AI Pivot

Chilean food tech unicorn NotCo has sold its Brazilian arm to investment group Ferrara, moving away from two other countries in Latin America. The company has reportedly closed its Mexican business due to poor results. NotCo is shifting from plant-based manufacturing to AI-led product development, with a focus on developing products using an artificial intelligence platform.

NotCo's AI platform, Giuseppe, helps identify the most suitable combination of plant-based ingredients to replicate the flavor, texture, and functionality of animal proteins. The company has pivoted to becoming a tech company that licenses its AI software to large companies, allowing them to develop products faster. This move follows divestments from plant-based manufacturing in various markets, including the US, Canada, Argentina, and Uruguay, signaling a larger trend of consolidation in the alternative protein industry.