Overview
Problem
Specialises in identifying and developing smart alternatives to critical materials, aiming to reduce dependency on scarce resources.
In Europe, the demand for rare earth elements (REEs) is projected to increase five-fold by 2030. This is largely driven by the growth of renewable technologies such as EV batteries, and renewable infrastructure, such as solar panels and wind turbines. Additionally, Europe is highly dependent on countries such as China which control over 90% of the global supply chain for REEs. As we have seen with recent geopolitical tensions, this makes Europe and other regions, increasingly vulnerable to disruptions, creating a need for increasing onshore capabilities and a less vulnerable supply chain.
Solution
Altrove is a startup on a mission to enable more efficient and faster inorganic materials discovery, at scale, Through designing, synthesising, and manufacturing, Altrove builds new materials 100 times faster by leveraging AI models and lab automation. What sets Altrove apart from competitors, such as DeepMind, is that Altrove does not just discover what materials could exist to solve the customer's specific use case, but also synthesise and produce the material by finding the correct “recipe” to do this. Altrove has gathered customer insights from over 100 customer interviews and has tailored their solution to the painpoints of their target customers.
Market
OECD forecasts show that global demand for materials will double by 2060. As a result, by 2028, the custom synthesis and manufacturing market is expected to reach $475 billion driven by the increasing demand for rare earth materials and advancements in AI and machine learning (ML). In a market affected by cost pressures, the use of AI/ML can reduce operational costs and provide more attractive unit economics. This demonstrates a significant opportunity for Altrove to capture market share using a novel and proprietary technology, commencing in a market such as Europe where demand for REEs is expected to increase 5-fold before 2030.
Founders
Altrove’s founding team, spun out of Entrepreneur First in 2024, has expertise in AI applied to materials. CEO, Thibaud Martin, is a repeat founder who successful exited his previous software company, and CTO, Joonatan Laulainen, has a PhD from Cambridge University specialising in AI applied to materials characterisation and simulation. Their combined business, industrial, and scientific expertise, positions them in a lucrative position to scale Altrove in this industry.
Thibaud Martin
CEO
Joonatan Laulainen
CTO
Summary
Overall, Altrove has a proprietary product, differentiated from its closest competitors, and have already began gaining traction through collaboration with R&D departments of customers. Additionally, the founding team has had success with previous startups, and the CTO has very strong expertise in materials science, coming out top-of-the-class at Cambridge University. Lastly, the business model extends along multiple points on the value chain from design to manufacturing, providing multiple revenue stream opportunities.