AI Startup NotCo Helps Food Giants Future-Proof Their Products

Backed by Jeff Bezos and other investors, NotCo's AI platform is transforming the food industry.

Mar. 22, 2026 at 6:05pm by Ben Kaplan

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NotCo, a San Francisco-based food tech company, has developed an AI platform that helps major food conglomerates like Coca-Cola, Kraft Heinz, and Ferrero create plant-based alternatives and reduce ingredient volatility. Founded by Matias Muchnick in 2015, NotCo has raised over $425 million and is valued at $1.5 billion. The company's AI model, named Giuseppe, can tap into years of private data to reconstruct new products using unexpected ingredient combinations. NotCo has already developed 30 new products for Kraft Heinz and is working with 7 of the top 20 food companies globally.

Why it matters

The food industry is facing growing challenges, from changing consumer preferences to supply chain disruptions. NotCo's AI platform is helping major brands adapt to these shifts by creating innovative plant-based alternatives and finding ways to reduce ingredient volatility. This is a critical capability as food companies struggle to maintain margins and keep up with rapidly evolving market demands.

The details

NotCo's AI platform, called Giuseppe, can analyze trillions of ingredient combinations to develop new plant-based products that match the taste, texture, and nutritional profile of traditional items. This allows food giants to reformulate products without impacting the sensory experience. For example, when cocoa prices surged, NotCo helped Ferrero find alternative ingredients for its Nutella and Kinder chocolate products. The company has also created 30 new products for Kraft Heinz, including vegan versions of Mac & Cheese, Kraft Singles, and Oscar Mayer Sausages.

  • NotCo was founded in 2015, one day before OpenAI.
  • The company split into two divisions - a profitable AI enterprise software business and a consumer-facing food products division - two years ago.
  • NotCo's consumer-facing division is growing at around 30% annually and sells products in several Latin American countries.

The players

Matias Muchnick

The 37-year-old Chilean founder and CEO of NotCo, who has become the food industry's 'fixer' by using AI to create plant-based alternatives for major food brands.

NotCo

A San Francisco-based food tech company that has developed an AI platform to help food conglomerates create innovative plant-based products and reduce ingredient volatility.

Ferrero

An Italian-based confectionary giant that uses NotCo's AI platform to find alternative ingredients for products like Nutella and Kinder chocolates when faced with supply chain disruptions.

Kraft Heinz

A major food company that has partnered with NotCo to develop 30 new vegan products, including versions of Mac & Cheese, Kraft Singles, and Oscar Mayer Sausages.

Giuseppe

The name of NotCo's AI model, inspired by the 16th-century Italian Renaissance painter Giuseppe Arcimboldo, which can reconstruct new products using unexpected ingredient combinations.

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What they’re saying

“We've become the 'Better Call Saul' for all the most complex problems that the biggest brands in the food industry have.”

— Matias Muchnick, Founder and CEO, NotCo

“If you change one thing, you change everything else. A computational problem is not a linear problem.”

— Matias Muchnick, Founder and CEO, NotCo

What’s next

NotCo plans to continue expanding its partnerships with major food companies and further developing its AI platform to centralize more of the decision-making across innovation, marketing, sales, and supply chain for its clients.

The takeaway

NotCo's AI-powered approach is transforming the food industry, enabling large brands to rapidly adapt to changing consumer preferences and supply chain disruptions. By creating plant-based alternatives and finding new ingredient combinations, NotCo is helping food giants future-proof their products in an increasingly volatile market.