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Biomaterials startup altM raises $3.5M seed funding from Omnivore

Biomaterials startup altM has raised $3.5 million in a seed funding round led by Omnivore. Other investors include Theia Ventures, Thai Wah Ventures, Sanjiv Rangrass, Neha Mudaliar, Maninder Gulati from OYO, Mirik Gogri from Spectrum Impact, and Paula Mariwala from Aureolis Ventures.

altM is the first investment from Omnivore’s third fund, which recently reached a first close of $150 million. It is also the fourth investment from the firm’s OmniX Bio initiative. OmniX Bio was launched in 2021 to support early-stage agri-food life science startups.

Founded in 2022 by Apoorv Garg and Yugal Raj Jain, altM aims to create scalable biomaterials for large industries to reduce their carbon footprint. The startup uses lignocellulosic agricultural residues as raw materials, offering a unique technological appeal due to their sustainability potential and functional properties. This approach aims to create sustainable alternatives to unsustainable incumbents.

Other news

Google Cloud joins hands with CERT-In 

Google Cloud is partnering with CERT-In within the Ministry of Electronics and Information Technology (MeitY), in the areas of generative artificial intelligence and cybersecurity.

This collaboration marks a significant step towards advancing the cybersecurity skills of learners and government officials.

CERT-In and Google Cloud will train 1,000 government officials in cyber defence best practices, using AI and hackathons.

Google will also provide 1 lakh scholarships for Google Cybersecurity Certificates, equipping learners with in-demand skills for cybersecurity jobs.

InCred Capital hires industry veterans for structured products biz

Incred Capital, the wealth, asset management and institutional arm of InCred Group, has onboarded Suchitra Subramanian as the head of trading and risk management and Philipp Orgler as the head of product development for its structured products business.

The on-boarding of Subramanian and Orgler is expected to strengthen InCred’s ability to offer differentiated structured products to its client base.

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Subramanian has 17 years of experience in finance, trading, structuring, and advisory roles. She managed the structured products business in Southeast Asia for HSBC Global Private Bank. She has also worked at Barclays London and Singapore Exchange.

Orgler has 25 years of experience in financial services, with stints at Deutsche Bank, Barclays Capital, Mizuho Securities, and Rokos Capital.

KredX Collaborates with Mastercard 

KredX, a supply chain finance platform, has collaborated with MasterCard to make B2B digital payments rewarding for both enterprises and vendors.

As part of the collaboration, Mastercard will integrate its commercial card service with the KredX platform, eliminating the complexities associated with B2B payments, especially those made via cards.

KredX, powered by artificial intelligence, offers dynamic discounting, early payment, and price discovery features to enhance cash flows for enterprises and vendors. It facilitates faster invoice matching and processing and uses the Smart Bid algorithm to find the best vendor discount rates.

The platform aims to tackle B2B payment challenges such as lengthy accounting processes, low vendor acceptance, and frequent chargebacks, while promoting digital payments acceptance by enabling small vendors to receive payments without in-house gateways and PoS machines.