Air Liquide Venture Capital

 Investing in the start-ups of the future

Air Liquide Venture Capital (ALIAD) was set up in 2013 as the Air Liquide Group’s venture capital arm.

  • Over 35 investments since its creation

  • 3 main sectors

  • Connected to all Air Liquide Campuses

Innovation is a the heart of what we do

Through venture capital, we provide the Group with a differentiating access to innovative ecosystems. We support strategic partnerships between deep tech companies and Air Liquide.

From early-stage to commercial scale-up, we help work side by side with portfolio companies to solve critical problems and push the frontiers of technology.

Supporting cleantech, health and digital start-ups

We were founded in 2013 to contribute to the growth of the Air Liquide Group by investing in and supporting startups that are developing technologies or business models that can support the development of our activity.

We run as a strategically-driven fund. We've funded more than 35 portfolio companies across all stages, with an emphasis on clean technologies, health sciences, and digital.

Split between Paris and San Francisco, our team consists of Air Liquide employees with a mixture of skills and backgrounds.

Discover ALIAD's investments in detail

Since its creation, ALIAD has constructed a portfolio of more than 35 investments.

Apix is a young French company which develops a nanotechnology for gas analysis.

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Founded in 2001, Aveni provides an innovative copper and cobalt electro-deposition technology to the semiconductor industry. The technology is an enabler to address current and forthcoming miniaturization challenges of this industry.

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Founded in 2010, Avenisense is a recognized leader in the manufacturing of embedded micro-sensors for measuring the properties of fluids in industrial analysis and conditional maintenance applications. [Please note that this participation has been sold]

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Since 2007, Carmat has developed a unique alternate solution to human heart transplantation based on an implantable artificial heart. This technology is now entering in the last experimentation phase with 4 transplantations already done. Air Liquide has decided to collaborate with Carmat by developing a portable fuel cell which should increase very significantly the autonomy of patients. The Air Liquide commitment is reflected by an ALIAD minority stake in Carmat.

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Cathay Smart Energy

Cathay Smart New Energy Fund is a multi-stage Fund, established by Cathay Innovation with investors such as Total Carbon Neutrality Ventures, Hubei High Technology Investment and CMA-CGM, investing in the Chinese energy sector. While energy demand is a global issue, China’s large and increasingly tech savvy population represents a big opportunity to scale energy technologies that will result in significant impact by fighting climate change in China with innovative carbon neutral energy solutions.

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Established in Switzerland, Cleangreens is developing a cost-effective and environmentally-friendly solution for growing high-quality lettuce with a longer shelf-life. Cleangreens combines aeroponics technology with advancements in logistics, agronomy, climate control and automation to yield up to significant productivity gains.

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Demeter Partners

Demeter Partners is a leading European private equity investor in the clean technology sector (water, air and waste treatment, energy management, renewable energies, etc.), which is dedicated to SMEs.

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Diabeloop, located in Grenoble (France), develops an artificial pancreas to improve the treatment of type 1 diabetes patients. The closed loop technology of Diabeloop was evaluated in clinical trials in the hospital and as part of the joint laboratory with CEA-Leti, with patients at home.

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DietSensor, a French company in the health-nutrition sector, has developed an application for diabetic patients that helps them track the glucose levels of their meals.

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Ecomobility Ventures

Ecomobility Ventures was set up in 2011 by SNCF, Total and Orange as an investment fund dedicated to sustainable mobility.

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ENS Urban

ENS Urban, a Dutch start-up, supplies technologies to clean air in urban areas. This start-up is an expert in the field of air quality and has developed a sustainable, affordable and safe solution for capturing and eliminating fine and ultrafine dust of the air. By applying this technology in the existing infrastructure and public space, the level of particulate matter in the city is reduced.

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Ergosup has developed a disruptive hydrogen production and storage system based on zinc electrolysis that directly generates hydrogen at high pressure at a chosen time after the electrolysis phase.

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Flying Whales

Flying Whales develops the LCA60T aerospace program (Large Capacity Airship 60 tons), for low-cost and low environmental footprint point-to-point transport of heavy and oversized loads as well as the operator Flying Whales Services.

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Forge Nano

Forge Nano is developing a high throughput atomic layer deposition (ALD) process to produce precision nanocoatings on small particles and surfaces with chemically bonded, angstrom-scale coatings for improved electrical insulation, oxidation protection, thermal management, electrochemical properties as well as other key performance parameters. A key focus for Forge Nano is ALD coatings for Li-ion battery (LiB) Cathode Active Materials (CAM’s).


Hydrexia is a young and innovative Australian company that develops a hydrogen storage technology using a new solid magnesium alloy called magnesium hydride.

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Inopsys develops and operate the on-site treatment of wastewater, complex toxic waste and solvent flows from the pharmaceutical and fine chemical industries, where the treatment of waste is subject to strict requirements. Inopsys’s solution relies in particular on high oxygen consumption for AOP (Advanced Oxidation Processes) applications and on water pH testing with CO2 injection. Inopsys has also developed solutions for recycling certain valuable components such as zinc and palladium. The use of Inopsys’ solutions could be extended to chemical markets and other waste-generating industries requiring special treatment.

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Inpria is a pioneer in extending semiconductor lithography with inorganic photoresists for nanoscale patterning. The Oregon-based start-up has a disruptive technology that will change how our laptops, phones and tablets are made.

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Intact develops 3D ultrasonic non-destructive quality control testing for metal or composite equipment (pipelines, aircraft hulls, etc.). It relies on a unique technology, developed by Ekoscan in partnership with Air Liquide, for 3D modelling of cracks detected during ultrasonic testing. Intact’s solutions, which apply to the engineering, inspection and management of the mechanical integrity of assets through connected technologies, enable predictive maintenance in order to achieve operational excellence while also improving safety.

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Investisseurs & Partenaires

Investisseurs & Partenaires is a private equity firm which is solely focused on the African continent and offers financial support to the development of microfinance institutions and small- to mid-size businesses located across 15 African countries.

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Libhéros is a French start-up created in 2015, which has developed an online platform as well as a mobile application dedicated to the professionals of the home healthcare market. The Libhéros solution greatly improves the daily lives of patients and healthcare professionals by simplifying the booking of appointments for at-home treatments and by making the monitoring of patients more efficient.

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McPhy Energy

Established in 2008, McPhy Energy is a French company specializing in the storage and industrial applications of hydrogen.

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MySphera is a Spanish company specializing in the domain of Real Time Location Systems (RTLS) in hospital environments. MySphera helps track patients and assets and optimizes resource utilization and workflows to increase efficiency in hospitals.

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Orcan is a Munich-based start-up developing innovative and compact Organic Rankine Cycle units that are able to convert low grade waste heat into electricity.

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Poly-Shape is an innovative French SME specializing in additive manufacturing (3D printing). It is a leader in additive manufacturing in the aerospace, automotive, medical and energy domains with recognized expertise and a unique production capacity in Europe. Industrial gases are required throughout the entire value chain of additive manufacturing. [Please note that this participation has been sold]

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Plug Power

Founded in 1997, Plug Power is the global leader in fuel cells for forklifts. Its largest customers are leading logistics operators such as Walmart, P&G, Coca-Cola, BMW and Mercedes-Benz. [Please note that this participation has been sold]

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Founded in 2007, Proxem is the French specialist in semantic analysis software for business. A player in big data and artificial intelligence, Proxem helps companies extract relevant information in real time, from a large volume of textual data. [Please note that this participation has been sold]

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Quadrille Capital

Quadrille is an investment fund that specializes in technology (IT, Internet, life sciences and clean technologies) and in conventional and renewable energies.

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Quanta Dialysis Technologies

This UK-based medical device company develops and markets an advanced cartridge-based hemodialysis system designed for clinic and home use.

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Rapid Oxygen

Founded in 2013, Rapid Oxygen Company is a disruptive American company located in Connecticut that develops portable oxygen generation devices for emergency applications.

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Founded in 2002 and spin-off UC Santa Barbara, SBA Materials has developed cutting edge nanoporous dielectric materials. This unique class of materials has applications in electronics markets ranging from high performance logic chips to energy storage.

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Created in 2010, Sigfox is an operator of a cellular network fully dedicated to the Internet of Things (IoT) and machine-to-machine communications (M2M). This network completes the already existing broadband connection offers by providing an economical two-way transmission and low consumption of short messages.

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Solidia Technologies

The technology developed by Solidia Technologies - a cement that absorbs carbon dioxide (CO2) when it hardens - helps improve the environmental footprint of the cement industry.

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Founded in 2012, the young French enterprise has developed an innovative construction material that improves insulation values, while also considerably reducing construction lead times and labor costs.

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STEP is a Paris-based start-up that operates a FCEV taxi fleet called "Hype" (hydrogen powered Fuel Cell Electric Vehicles). This fleet, deployed in late 2015 in partnership with Air Liquide, already counts 75 hydrogen-powered vehicles and plans to deploy a total of 200 by the end of 2018.

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Water Planet

Founded in 2011, Water Planet provides membrane-based products, solutions and services. It has developed water treatment processes for oil & gas and industrial waste utilizing centrifuge, membranes and oxygen.


Established in 2009, Terrajoule develops technologies that address the intermittent nature of solar and wind power, based on heat recovery.

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Ubleam is a French start-up founded in 2011 in Toulouse (France), in the IoT Valley. Ubleam develops a technology of round-shaped, high customizable barcode, named "bleam", featuring a remarkably high reading distance and speed, along with augmented reality capabilities.

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Waga Energy

Waga Energy is a spin-off of Air Liquide which aims to transform biogas from landfills into clean, local, renewable and competitive energy. Waga Energy biomethane can be injected into the grid or used as vehicle fuel.

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As a young Belgian company, Xylowatt offers clean solutions for producing gas from natural or recycled biomass.

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