Cleantech Startup altM Raises $10.3 Mn To Scale Manufacturing

Cleantech startup altM has secured $10.3 Mn in funding for its manufacturing expansion. The Series A round was led by Rainmatter and Mela Ventures, with participation from Omnivore, Theia Ventures, Aureolis Ventures, and Spectrum Impact. AltM, headquartered in Bengaluru, plans to utilize the funds to scale up production, build its sales team, and invest in research and development.

CEO Apoorv Garg highlighted three key focus areas: revenue generation from the pilot plant, the construction of a 1,000-tonne-per-year commercial manufacturing facility by 2028, and the development of alternative materials and biochemicals. AltM, founded in 2022 by former Tesla executives Garg and Yugal Raj Jain, converts agricultural residue into specialty chemicals and biomaterials for various industries.

The funding round follows a $3.5 Mn seed round in 2023, during which the startup established an integrated R&D and pilot manufacturing facility in Bengaluru. Current product advancements include a lignin-derived SPF booster and cellulose-based rheology modifier. Garg expects the startup to commence commercial production shortly, with the first product launches scheduled for the next quarter.