Bagasse to riches: altM secures $10.3M to convert ag waste into specialty chemicals
In India, a company converting agricultural wastes into specialty chemicals and biomaterials has raised $10.3 million in a series A round. Founded in 2022 by former Tesla employees Apoorv Garg and Yugal Raj Jain, altM converts agricultural residues, including sugarcane bagasse and rice straw, into materials for industries ranging from beauty and textiles to construction and packaging. Its first product for commercialization includes a lignin-based SPF booster for sun care, a cellulose-derived rheology modifier and biobased ferulic acid for cosmetics and personal care formulations.
Participants in the funding round include new investors Rainmatter by Zerodha and Mela Ventures. Existing investors, including Omnivore, Theia Ventures, Aureolis Ventures and Spectrum Impact, also participated.
The funds will be used to boost manufacturing, increase customer collaboration, and expand commercial staff.
Category: Chemicals & Materials
