Biomaterials startup altM has secured $3.5 million in a seed round led by Omnivore along with participation from Theia Ventures, Thai Wah Ventures, Sanjiv Rangrass, Neha Mudaliar, Maninder Gulati, Mirik Gogri and Paula Mariwala.
The company plans to use the funds to bring forth an engineering and manufacturing driven lens to circularity and sustainability, altM said in a press release.
Co-founded in 2022 by Apporv Garg and Yugal Raj Jain, altM leverages the manufacturing process to cater bio-materials at scale and help industries to reduce their carbon footprints across their supply chains. It aims to develop the scalable bio-materials to replace the current unsustainable incumbents across industries like CPG/FMCG, apparel, industrial chemicals, and packaging.
According to the Bengaluru-based startup, it uses lignocellulosic agricultural residues as its raw materials to produce advanced materials as alternatives to unsustainable incumbents. Given its sustainability potential and functional properties, lignocellulosic biomass offers a unique technological appeal to form a family of materials.
Last year, biomaterials startup Phool.co raised $8 million in a Series A round led by Sixth Sense Ventures.
