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altM Raises $10.3 Million to Convert Agricultural Residue into Industrial Chemicals
Sentiment: NeutralHigh Priority
What Happened?
Bengaluru-based altM has secured $10.3 million in Series A funding to enhance its manufacturing and R&D capabilities. The company converts agricultural waste into high-performance chemicals.
Key points
- altM raised $10.3 million in a Series A funding round.
- Investors include Rainmatter by Zerodha, Mela Ventures, and others.
- The funding will enhance manufacturing and R&D capabilities.
- Founded in 2022 by Apoorv Garg and Yugal Raj Jain.
- The company converts agricultural residues into industrial chemicals.
- Products include a lignin-derived SPF booster and cellulose-based modifiers.
Key insights
- altM's approach may reduce reliance on fossil fuels in industrial manufacturing.
- The success of altM could inspire similar innovations in the agricultural sector.
- Investors are increasingly interested in sustainable technology solutions.
Why it matters
This funding could significantly enhance altM's ability to produce sustainable industrial chemicals from agricultural waste.
Tags
Entities
altM· CompanyBengaluru· CityRainmatter by Zerodha· OrganizationMela Ventures· OrganizationApoorv Garg· PersonYugal Raj Jain· PersonHarshad Velankar· Person
Source
Business Standard
