Biomaterials Startup altM Raises $3.5 Million Seed Funding Round The startup plans to use these funds to bring forth an engineering- and manufacturing-driven lens to circularity and sustainability
By Teena Jose
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Biomaterials startup altM has raised a $3.5 million Seed funding round led by Omnivore. Other investors include Theia Ventures, Thai Wah Ventures, Sanjiv Rangrass, Neha Mudaliar, Maninder Gulati from OYO, Mirik Gogri from Spectrum Impact, and Paula Mariwala from Aureolis Ventures. altM is Omnivore's first investment from its third fund, which recently had a first close at $150 million. The startup plans to use these funds to bring forth an engineering- and manufacturing-driven lens to circularity and sustainability.
"The scale-up of a technology from a laboratory bench to commercial production is not a trivial undertaking. Production scale-up is often the death valley for biotech startups. Our focus on go-to-market strategy, execution, and production scale-up will be the differentiator to most endeavors we see in the world of biomaterials today," said Apoorv Garg, CEO and co-founder, altM.
Founded in 2022 by Apoorv Garg and Yugal Raj Jain, altM aims to develop and manufacture scalable biomaterials to help large industries reduce their carbon footprints across their supply chains. As per the startup, it uses lignocellulosic agricultural residues as their raw material to produce advanced materials as alternatives to unsustainable incumbents.
"With Apoorv and Yugal's background in manufacturing excellence, altM's entry into industrial alternative materials will hasten the global shift towards sustainability and circularity. Omnivore is very excited to be a part of their journey as we kick off our new fund," said Mark Kahn, managing partner, Omnivore.
