altM has raised $10.3 million to scale production of specialty chemicals and biomaterials made from agricultural waste. The startup will use the funding to expand manufacturing of materials that can stand in for conventional, fossil-derived inputs.
The company converts agricultural residue, including sugarcane bagasse and rice straw, into industrial inputs. Its aim is to offer chemical and materials makers an alternative to petrochemical-based feedstocks without asking them to rebuild their products from scratch.
altM was founded in 2022 by Apoorv Garg and Yugal Raj Jain, both of whom previously held manufacturing leadership roles at Tesla. Their background in industrial production shapes the company's focus on moving from lab-scale chemistry to repeatable, large-volume output, which is where many bio-based materials businesses struggle.
Bagasse is the fibrous material left after sugarcane is crushed, and rice straw is what remains in the field after harvest. Both are produced in large quantities as by-products of farming and food processing. Turning them into higher-value inputs gives these residues a commercial use beyond disposal.
Specialty chemicals and biomaterials are used across a wide range of manufacturing applications, and demand for lower-carbon substitutes has been growing as industrial buyers look to cut their dependence on fossil-based raw materials. Scaling production is the central test for startups in the category, as customers typically need consistent quality and supply before they commit.
The source material did not disclose the investors in the round or the specific products and customers altM plans to prioritise with the new capital.
