Cleantech startup altM has raised $10.3 Mn (₹97.5 Cr) in a Series A funding round led by new investors Rainmatter and Mela Ventures. Existing investors Omnivore, Theia Ventures, Aureolis Ventures and Spectrum Impact also participated.
The Bengaluru-based startup plans to use the fresh capital to expand manufacturing, build its sales pipeline and continue investing in research and development (R&D). A large chunk of the funds will go towards setting up a 1,000-tonne-per-year commercial manufacturing facility by 2028.
“We have three large focus areas for the company today. In the short term, we want to start converting revenues and building our sales pipeline from the pilot plant. From a manufacturing perspective, a large chunk of our investment will go into building the next 1,000-tonne-per-year commercial plant,” cofounder and CEO Apoorv Garg told Inc42.
The startup will also continue developing alternative materials and biochemicals. It plans to expand its sales team following the funding round. “The major influx will be on sales,” Garg added.
Founded in 2022 by former Tesla executives Garg and Yugal Raj Jain, altM develops specialty chemicals and biomaterials from agricultural residue for industrial applications.
Its platform converts lignocellulosic biomass, including sugarcane bagasse, rice straw and other agricultural residues, into materials for use in beauty and personal care, textiles, industrial chemicals, construction, packaging and consumer goods.
The platform uses the major fractions of biomass, including cellulose, hemicellulose and lignin, to produce multiple products from a single feedstock, offering an alternative to fossil-derived raw materials.
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