Biomaterials startup altM secured $3.5 M Seed funding from Omnivore, others
A seed round led by Omnivore and including Theia Ventures, Thai Wah Ventures, Sanjiv Rangrass, Neha Mudaliar, Maninder Gulati, Mirik Gogri, and Paula Mariwala raised $3.5 million for the biomaterials startup altM.
In a press release, altM stated that the company intended to use the funds to develop an engineering and manufacturing-driven lens to circularity and sustainability.
Apporv Garg and Yugal Raj Jain co-founded altM in 2022, which uses the manufacturing process to produce biomaterials at scale and assist businesses in lowering their carbon footprints throughout their supply chains. In sectors like CPG/FMCG, apparel, industrial chemicals, and packaging, it aims to develop scalable bio-materials to displace the current unsustainable incumbents.
The Bengaluru-based startup claims that it produces advanced materials as an alternative to non-sustainable incumbents using lignocellulosic agricultural residues as its raw material. Given its capacity for sustainability and usefulness, lignocellulosic biomass presents a special technological opportunity to create a family of materials.
A Series A round led by Sixth Sense Ventures raised $8 million for biomaterials startup Phool.co last year.
