Cleantech Startup altM Raises $10.3 Mn To Scale Manufacturing
altM, founded by former Tesla executives, secured $10.3 million in Series A led by Rainmatter and Mela Ventures, with participation from existing backers. The startup converts agricultural residues like sugarcane bagasse and rice straw into biomaterials for beauty, textiles, chemicals and packaging. Funds will support expansion of manufacturing capacity to 1,000 tonnes annually by 2028, sales pipeline development, and R&D.
Key points
- altM raised $10.3 Mn Series A from Rainmatter, Mela Ventures and others
- Founded by ex-Tesla executives; converts agricultural waste into specialty chemicals and biomaterials
- Plans 1,000-tonne-per-year manufacturing facility by 2028; expansion of sales team
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