Agri-waste startup AltM secures $10.3m in Series A funding
Bengaluru-based AltM has raised $10.3 million to transition its bio-based chemical production from pilot-scale to commercial manufacturing.
AltM, a startup specializing in converting agricultural waste into industrial chemicals, has closed a $10.3 million Series A funding round. The investment round included new investors Rainmatter by Zerodha and Mela Ventures, alongside existing backers Omnivore, Theia Ventures, Aureolis Ventures, and Spectrum Impact.
The company utilizes lignocellulosic biomass, such as rice straw and sugarcane bagasse, to create bio-based alternatives for fossil-derived raw materials. Its products are targeted at industries including packaging, textiles, construction, and personal care.
AltM plans to use the capital to expand its manufacturing capabilities, invest in research and development, and grow its commercial and engineering teams. Since its 2022 founding and a $3.5 million seed round in 2023, the firm has established a research facility and moved several molecules into pilot plant production.