AltM, a Bengaluru-based startup that makes specialty chemicals from agricultural waste, has raised US$10.3 million in a series A round. New investors Rainmatter by Zerodha and Mela Ventures joined existing backers including Omnivore, Theia Ventures, Aureolis Ventures, and Spectrum Impact.

The company said the funds will expand manufacturing capacity and research and development, support customer qualification programs, and grow its engineering and commercial teams. AltM said the investment will help it move from pilot-scale production to commercial manufacturing.

Founded in 2022, AltM uses lignocellulosic biomass such as sugarcane bagasse and rice straw to produce industrial chemicals. It serves sectors including beauty and personal care, textiles, construction, packaging, and consumer goods, with bio-based alternatives to fossil-derived raw materials.

Since raising US$3.5 million in seed funding in 2023, AltM has built an integrated research and pilot manufacturing facility in Bengaluru. The company said it has expanded its laboratory footprint nearly 5x in less than two years and taken six molecules to demonstration scale. Of those, three have been selected for pilot plant production.

🔗 Source: YourStory