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Specialty chemicals startup altM raises $10.3 Mn led by Rainmatter, Mela Ventures

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Specialty chemicals startup altM raises $10.3 Mn led by Rainmatter, Mela Ventures

Bengaluru-based specialty chemicals startup altM has raised $10.3 million in a Series A funding round led by new investors Rainmatter by Zerodha and Mela Ventures. The round also saw participation from existing investors Omnivore, Theia Ventures, Aureolis Ventures and Spectrum Impact, along with VC Grid and strategic angel investors.

The company will use the fresh capital to expand its manufacturing capabilities, research and development, customer qualification programmes, and engineering and commercial teams as it moves from pilot-scale production to commercial manufacturing.

Founded in 2022 by former Tesla manufacturing leaders Apoorv Garg and Yugal Raj Jain, altM is developing a specialty chemicals platform that converts agricultural residue into high-performance industrial chemicals. Bioprocessing scientist Dr Harshad Velankar later joined the company as its chief scientific officer.

The company's platform converts lignocellulosic biomass, including sugarcane bagasse and rice straw, into materials for beauty and personal care, textiles, industrial chemicals, construction, packaging and consumer goods.

It uses cellulose, hemicellulose and lignin to produce multiple products from a single feedstock. The process enables agricultural residue to serve as a source of industrial carbon and reduces dependence on fossil-derived raw materials.

Since raising $3.5 million in a seed round in 2023, altM has built an integrated R&D and pilot manufacturing facility in Bengaluru. The facility brings laboratory research, demonstration manufacturing and pilot production under one roof.

The company has expanded its laboratory footprint nearly fivefold, commissioned its demonstration manufacturing facility and advanced six molecules to demonstration scale. Three of these have been selected for pilot plant production.


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