Biomaterials Firm altM Secures $10.3 Million for Manufacturing Expansion
Indian cleantech startup altM has raised $10.3 million in Series A funding. The company plans to use the capital to scale its production facilities and establish a 1,000-tonne commercial plant by 2028.
Bengaluru-based altM has raised $10.3 million in a funding round led by Rainmatter and Mela Ventures, with participation from existing investors including Omnivore. The startup specializes in converting agricultural residues, such as rice straw and sugarcane bagasse, into biochemicals and materials for industrial use.
The capital infusion is designated for scaling manufacturing operations, expanding the sales pipeline, and continued research and development. CEO Apoorv Garg confirmed that a significant portion of the funds will finance the construction of a 1,000-tonne-per-year commercial manufacturing facility, slated for completion by 2028. Currently, the company is preparing to launch production at its 70-tonne-per-year pilot plant in Bengaluru.
Founded in 2022 by former Tesla executives, altM aims to provide sustainable alternatives to fossil-derived raw materials in industries ranging from cosmetics to construction. The firm has filed six patents related to its biomass deconstruction technology and currently works with approximately 30 customers in the beauty and personal care sector as it approaches commercial-scale operations.