altM Raises $10.3 Million to Turn Farm Waste Into Chemicals
Rainmatter and Mela Ventures lead the Bengaluru startup's Series A round.
Key Takeaways
- altM raised $10.3 million in a Series A round.
- Rainmatter and Mela Ventures, both new investors, led the round.
- The Bengaluru startup makes specialty chemicals from agricultural residue.
- It raised a $3.5 million seed round in 2023.
- Its first products include an SPF booster for suncare.
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altM, a Bengaluru-based specialty chemicals startup, has raised $10.3 million in a Series A round led by Rainmatter, the fund backed by Zerodha, and Mela Ventures. Both are new investors in the company.
Existing investors Omnivore, Theia Ventures, Aureolis Ventures and Spectrum Impact also took part in the round.
altM funding at a glance
| Detail | altM |
|---|---|
| Amount | $10.3 million |
| Round | Series A |
| Lead investors | Rainmatter and Mela Ventures |
| Other investors | Omnivore, Theia Ventures, Aureolis Ventures, Spectrum Impact |
| Sector | Specialty chemicals from agricultural residue |
| City | Bengaluru |
What altM does
altM turns agricultural residue such as sugarcane bagasse and rice straw into specialty chemicals and biomaterials. Its platform separates cellulose, hemicellulose and lignin from a single feedstock, so one input can yield several products.
How altM got started and its funding so far
altM was founded in 2022 by Apoorv Garg and Yugal Raj Jain, who are former Tesla executives. It raised a $3.5 million seed round in 2023.
| When | Milestone |
|---|---|
| 2022 | altM is founded by Apoorv Garg and Yugal Raj Jain |
| 2023 | The company raises a $3.5 million seed round |
| November 2026 | The company raises $10.3 million in a Series A round |
The first altM products
The first products are a lignin-derived SPF booster for suncare, a cellulose-based rheology modifier, and bio-derived ferulic acid for cosmetics and personal care.
Where altM stands after its Series A
With this round, altM has raised a Series A on top of its $3.5 million seed round from 2023. The company is based in Bengaluru and works on products for the beauty and personal care sector, among others.
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Frequently Asked Questions
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What does altM do?
Who founded altM?
When was altM founded?
Where is altM based?
How much had altM raised before this round?
Which existing investors took part in altM's Series A?
How does altM make multiple products from one input?
What are altM's first products?
Which investors are new to altM?
What is Rainmatter?
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