Chipotle Mexican Grill (NYSE: CMG) shares gained ground Tuesday, on word it is making a minority investment in Lumachain, an AI supply chain platform, and Brassica, a fast-casual restaurant concept, through its $100 million Cultivate Next venture fund. Introduced in 2022, Cultivate Next makes early-stage investments into strategically aligned companies that further Chipotle's mission to Cultivate a Better World and help accelerate the company's longer term growth plans to operate 7,000 restaurants in North America.
Headquartered in Sydney, Australia, Lumachain's mission is to improve how food is produced, for good. The minority female-founded company has developed a traceability solution that, in real-time, tracks the origin, location, and condition of individual items in a supply chain, from farm to table, enabling reduced waste and increased efficiency. Lumachain's traceability platform is complemented by its Computer Vision AI platform that monitors operations inside food production plants, to improve quality, efficiency and safety.
"The visibility in real time and quality data analytics that Lumachain's software provides could optimize the management and quality of perishable goods for the food service industry," said Curt Garner, Chief Customer and Technology Officer, Chipotle.
Founded in 2015, Brassica is committed to using high quality, locally-sourced ingredients at its six restaurant locations. The concept provides healthy dining options without compromising flavor.
CMG shares picked up 31 cents to $59.60.
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