AltM, a business in the biomaterials industry, has secured a $3.5 million Seed investment round from Omnivore.
Other investors include Sanjiv Rangrass, Neha Mudaliar, Maninder Gulati from OYO, Mirik Gogri from Spectrum Impact, Paula Mariwala from Aureolis Ventures, Thai Wah Ventures, and Paula Mariwala. The first investment made by Omnivore from its third fund, which recently had a first closure of $150 million, is altM. The business intends to use these funds to advance a manufacturing- and engineering-driven perspective on sustainability and circularity.
“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.
Apoorv Garg and Yugal Raj Jain established altM in 2022 with the goal of creating scalable biomaterials that will aid major companies in lowering their carbon footprints throughout their supply chains. According to the business, it creates sophisticated materials as an alternative to unsustainable incumbents using lignocellulosic agricultural leftovers as their basic material.
“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.
An alternative Materials Company is altM. AltM’s goal is to create the materials of the future so that businesses may cut their carbon footprints and enhance supply networks’ circularity. They make use of manufacturing innovation to deliver biomaterials in large quantities and assist businesses in lowering their carbon footprints throughout their supply chains.
The long-term goal is to create new, scalable materials that can take the place of the existing, unsustainable incumbents in the CPG/FMCG, apparel, industrial chemicals, and packaging industries.