Biomaterials Startup altM Secures $3.5Mn in Seed Funding to Revolutionize Sustainable Materials
- ByStartupStory | September 7, 2023
Bengaluru-based biomaterials startup altM has marked a significant milestone by securing a $3.5 million seed funding round. This endeavor was led by Omnivore, with noteworthy participation from Theia Ventures, Thai Wah Ventures, Sanjiv Rangrass, Neha Mudaliar, Maninder Gulati (OYO), Mirik Gogri (Spectrum Impact), and Paula Mariwala (Aureolis Ventures).
altM emerges as the fourth investment made by Omnivore under its OmniX Bio initiative, which was established in 2021 with the primary objective of supporting early-stage agrifood life science startups.
Founded in 2022 by Apoorv Garg and Yugal Raj Jain, both former employees of Tesla, altM embarks on a mission to develop and manufacture sustainable materials derived from agricultural residue. These materials are aimed at assisting companies in reducing their carbon footprints while enhancing circularity within their supply chains.
Apoorv Garg, CEO, and Co-founder at altM, expressed, “The scale-up of 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.”
At altM, lignocellulosic agricultural residues serve as the primary raw material for producing advanced materials that offer sustainable alternatives to conventional, unsustainable options. Lignocellulosic residue comprises dry plant residue, including wheat, rice, barley straw, corn stover, sorghum stalks, coconut husks, sugarcane bagasse, banana leaves, and more.
Given its remarkable potential in terms of sustainability and functional properties, lignocellulosic residue can be transformed into materials such as paper, biofuels, polymers, and various other classes of usable chemicals.
Mark Kahn, Managing Partner at Omnivore, commented, “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.”
According to government statistics, India currently boasts more than 6,000 biotech startups. Earlier this year, Minister of State for Science and Technology, Jitendra Singh, emphasized the crucial role of biotech startups in shaping India’s future economy. Singh further highlighted the substantial growth of the country’s bioeconomy, which has surged from $8 billion in 2014 to an impressive $100 billion today. He expressed confidence that the sector is poised to continue flourishing and reach the $150 billion mark by 2025.
The Indian government has undertaken a series of initiatives to strengthen the biotech sector and promote biotech startups. Last year, it launched a single-window national portal for startups and researchers seeking regulatory clearance for biological research. In August 2022, the government announced 75 ‘Amrit’ grants designed for collaborative biotech initiatives involving startups and academia. Additionally, BIRAC offers grants of up to INR 50 lakhs under the BIG Scheme, aimed at empowering budding biotech startups to validate their ideas, develop prototypes, and establish proof of concept.
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