altM raised $10.3 million in Series A funding to scale production of specialty chemicals from agricultural waste. Theia Ventures participated in the round. The company converts residues such as sugarcane bagasse and rice straw into industrial inputs.
Funding so far
The new round follows earlier seed funding. Within three years of that seed funding, altM commissioned a lab in October 2024. It also commissioned a pilot plant with one metric ton per week capacity in March 2026.
Company background
altM was founded in 2022 by Apoorv Garg and Yugal Raj Jain. Both founders previously held manufacturing leadership roles at Tesla. The company is based in India and serves the personal care and specialty chemical industries.
How the platform works
altM uses a proprietary thermochemical biorefinery called altMorph. It processes sugarcane bagasse and rice straw into separate base fractions. Those fractions yield an SPF booster, a rheology modifier, and ferulic acid.
altM is engaging with Indian personal care formulators and brands. It aims to offer local alternatives to imported specialty ingredients. Its platform is built to extend into polymers, adhesives, coatings, and energy materials.