Funding

Altrove funding news – Deeptech Startup Altrove Secures €3.7 Million in a Pre-Seed Funding

Jul 3, 2024 | By Startup Rise EU

Paris-based Altrove secures €3.7 million in a pre-seed funding led by Contrarian Ventures, alongside Emblem and strong angel investors like Thomas Clozel (CEO Owkin), Julien Chaumond (CTO HuggingFace) and Nikolaj Deichmann (3Shape).

Paris-based Altrove secures €3.7 million in a pre-seed funding led by Contrarian Ventures, alongside Emblem and strong angel investors like Thomas Clozel (CEO Owkin), Julien Chaumond (CTO HuggingFace) and Nikolaj Deichmann (3Shape).

SUMMARY

  • Paris-based Altrove secures €3.7 million in a pre-seed funding
  • In the beginning of 2024, Thibaud Martin, an Entrepreneur First co-founder, and Dr. Joonatan Laulainen, alumnus of Cambridge, founded Altrove.

Altrove develops substitutes for necessary materials, beginning with those containing rare earth elements (REEs), in order to address the pressing challenge of meeting climate targets while maintaining geopolitical autonomy and economic competitiveness.

Exceeding the potential of AI-driven materials prediction

Martin clarified that Altrove is focused on determining the best formula to produce substitute materials at scale rather than just guessing what new materials might exist, in contrast to other new AI materials firms. Through the development of a proprietary characterization method, the company is able to accelerate the discovery process by up to 100 times by learning from each trial it does.

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Thibaud Martin said, "We cut through the noise of all of these predicted materials, determine the recipes needed to make them, and determine which ones could be interesting for specific industrial applications, Our job is in the lab doing a lot of experiments, really fast, really high throughput and then actually making the material and giving it to the R&D so they can implement it in their device."

The company conducts experiments in an automated lab to find the best mixture of components to create materials that can substitute elements such as gallium, germanium, cobalt, and nickel.

Read also - Kvantify funding news – Quantum Software Startup Kvantify Secures €10 Million in Seed Funding

The company has already started working with customers' procurement, production, and R&D departments in a variety of industries, including electronics, automotive, and military.

Rokas Peciulaitis, Founding Partner at Contrarian Ventures who led funding, shared: "A key driver for our investment in Altrove is the team's exceptional blend of industrial expertise and technological excellence. Having conducted over 100 customer interviews with leading component developers across Europe, they have developed a solution that truly bridges the gap between AI material discovery and industrial applications."

The money will hasten the advancement of their fundamental technology, which is presently concentrated on rare-earth compound replacements for electric cars, transition technologies, and cutting-edge electronics.

About Altrove

In the beginning of 2024, Thibaud Martin, an Entrepreneur First co-founder, and Dr. Joonatan Laulainen, alumnus of Cambridge, founded Altrove. To speed up the discovery process by up to 100 times, Altrove creates AI models in conjunction with an automated synthesis lab. To learn iteratively from each experiment, it developed a patented technology at characterisation.

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