Specialty chemicals startup altM raises $10.3 M Series A led by Rainmatter, Mela Ventures

Bengaluru-based specialty chemicals startup altM has raised USD 10.3 M in a Series A funding round led by Rainmatter and Mela Ventures. Existing investors Omnivore, Theia Ventures, Aureolis Ventures, and Spectrum Impact also participated in the round alongside angel investors.Founded in 2022 by Apoorv Garg and Yugal Raj Jain, altM develops bio-based alternatives to fossil-derived raw materials for industries including beauty, personal care, textiles, construction, packaging, and consumer goods. It uses lignocellulosic biomass, such as sugarcane bagasse and rice straw, to produce industrial chemicals.The startup plans to use the fresh funds to expand manufacturing capacity, strengthen research and development, support customer qualification programs, and grow its engineering and commercial teams. The investment will also facilitate the company's transition from pilot-scale production to commercial manufacturing.