Cleantech startup altM raises $10.3M in Series A led by Rainmatter and Mela Ventures to scale manufacturing of specialty chemicals from agricultural residue.
Amount Raised
$10.3 Million
Round Type
Series A
BengaluruManufacturingBiotechnologyAgriculture and FarmingInvestors
Description
Cleantech startup altM has raised $10.3 million in a Series A funding round led by new investors Rainmatter by Zerodha and Mela Ventures, with participation from existing investors Omnivore, Theia Ventures, Aureolis Ventures, and Spectrum Impact. The Bengaluru-based company will use the capital to expand manufacturing, build its sales pipeline, and continue R&D investments. altM plans to set up a 1,000-tonne-per-year commercial manufacturing facility by 2028 and scale to 10,000 tonnes annually over five years. Founded by former Tesla executives, the company develops specialty chemicals and biomaterials from agricultural residues for applications in beauty, textiles, construction, and consumer goods.
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Funding Insights
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