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Corporate VCPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 3 SOURCES

ALIAD (Air Liquide Venture Capital)

Venture capital fund of Air Liquide

Also known as ALIAD, Air Liquide Venture Capital

Strategic venture capital fund of Air Liquide (2013), Paris; invests in climate tech, healthtech and industrial startups and some funds; more than 40 investments.

HEADQUARTERS
Paris, France
FOUNDED
2013
AUM
—
OUTSIDE CAPITAL
No — own capital only
TEAM LISTED
—

Focus

STAGES
—
SECTORS
Climate & EnergyHealthTechIndustrial & ManufacturingDeep Tech
ASSET MIX
Venture capital
GEOGRAPHY
Global

Overview

ALIAD (Air Liquide Venture Capital) is the strategic venture capital fund of the Air Liquide group, created in 2013. It invests in technology startups in three areas: climate tech (decarbonisation, hydrogen, energy storage, carbon capture, electronics), healthtech and industrial innovation, and acts as an industrial partner giving portfolio companies access to Air Liquide. It reports more than 40 investments since creation and over €25M invested in impact startups since 2020; holdings include Waga Energy, Carmat, Flying Whales and Forge Nano, plus commitments to the Demeter, Cathay Smart Energy and Five Arrows Sustainable Investments funds.

Investment thesis

Minority investments in startups with technologies or business models in climate tech, healthtech and industrial innovation that can partner with Air Liquide’s businesses.

PORTFOLIO (26)

  • Waga EnergyNOTABLE
    Climate & Energy · since 2015
  • Quobly
    Deep Tech · since 2026
  • Noble Gas Systems
    Climate & Energy · since 2025
  • Power to Hydrogen (P2H2)
    Climate & Energy · since 2024
  • Distran
    Industrial & Manufacturing · since 2023
  • Ferroelectric Memory Company (FMC)
    Deep Tech · since 2023
  • 44.01
    Climate & Energy · since 2022
  • Botalys
    Food & Agriculture · since 2022
  • Angiodroid
    HealthTech · since 2022
  • SparkNano
    Deep Tech · since 2022
  • Ekoscan Integrity
    Industrial & Manufacturing · since 2021
  • Forge Nano
    Deep Tech · since 2020
  • Flying Whales
    Mobility & Logistics · since 2019
  • Orcan Energy
    Climate & Energy · since 2019
  • MySphera
    HealthTech · since 2018
  • CleanGreens
    Food & Agriculture · since 2017
  • Libheros
    HealthTech · since 2017
  • DietSensor
    HealthTech · since 2017
  • UBLEAM
    Software & SaaS · since 2017
  • Carmat
    HealthTech · since 2016
  • APIX Analytics
    Industrial & Manufacturing · since 2015
  • Quanta Dialysis Technologies
    HealthTech · since 2014
  • Hydrexia
    Climate & Energy · since 2013
  • Five Arrows Sustainable Investments (fund)
    since 2022
  • Cathay Smart Energy Fund (fund)
    since 2019
  • Demeter (fund manager)
    since 2019

Links

Frequently asked questions

ALIAD (Air Liquide Venture Capital) is a corporate venture arm based in Paris, France, founded in 2013.

Yes. ALIAD (Air Liquide Venture Capital) invests its own capital in private companies. It also commits capital to third-party funds as an LP.

ALIAD (Air Liquide Venture Capital) invests in Climate & Energy, HealthTech, Industrial & Manufacturing and Deep Tech.

ALIAD (Air Liquide Venture Capital)'s investments include Waga Energy, Quobly, Noble Gas Systems, Power to Hydrogen (P2H2), Distran, Ferroelectric Memory Company (FMC), 44.01 and Botalys, among others.

The most recent publicly reported investment by ALIAD (Air Liquide Venture Capital) is Quobly (Series A (€115M round)), announced in Jun 2026.

ALIAD (Air Liquide Venture Capital) states that it accepts submissions through its official contact page.

No. ALIAD (Air Liquide Venture Capital) invests its own capital and does not raise money from outside investors.