altM raises $10.3M in Series A funding led by Rainmatter, Mela Ventures
Bengaluru-based altM, founded in 2022, uses lignocellulosic biomass like sugarcane bagasse and rice straw to produce fossil-fuel alternatives for industries including beauty, textiles and packaging. The Series A round, which includes existing investors Omnivore and Theia Ventures, will fund manufacturing expansion, R&D, and team growth as the company transitions from pilot to commercial-scale production. The funding is part of broader investment in climate-tech and bio-based material innovation.
Key points
- altM secured $10.3M Series A led by Rainmatter and Mela Ventures
- Bengaluru startup converts agricultural biomass into industrial chemicals
- Funds will support manufacturing scale-up and commercial production transition
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