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Air Liquide Venture Capital

Writing the future with start-ups

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

  • Over 40 investments since its creation

  • Over €25M invested in impact startups since 2020

  • Connected to all Air Liquide Campuses

Innovation is at the heart of what we do

ALIAD invests in start-ups that develop innovative technologies or business models around three axes: Climate Tech, Healthtech and Industrial Innovation. 

ALIAD’s support extends beyond investments by crafting strategic partnerships between the start-ups of our portfolio and Air Liquide's operations. From early-stage to commercial scale-up, ALIAD actively supports start-ups growth with a win-win relationship.


By investing in startups committed to reducing our carbon footprint and unlocking new technologies, ALIAD is instrumental to the Group’s sustainable growth.

Armelle Levieux

Member of the Executive Committee, Vice President of Innovation, overseeing the Hydrogen Energy and Electronics world business lines

Supporting start-ups that make a positive impact

ALIAD is contributing to creating a more sustainable future, in line with Air Liquide strategic plan ADVANCE, by supporting innovative tech startups and helping them build a fruitful relationship with the Group.

ALIAD has already supported more than 35 start-ups and 7 funds. From 2020 onwards, ALIAD has strengthened its positions in impact start-ups with more than 25 million euros invested, including 15 million euros in the field of energy transition. Through these investments, ALIAD contributes to the Group’s strategic plan ADVANCE, which combines growth and a sustainable future.

ALIAD is pursuing two objectives:

  • Creating technological, strategic and financial opportunities for both start-ups and Air Liquide
  • Investing in key clean technologies to help society reach net-zero carbon emissions and support Air Liquide’s ambition to be carbon neutral by 2050.

With offices in Paris and San Francisco, ALIAD's team gathers 9 Air Liquide employees with a strong diversity of skills and background. 

Discover ALIAD's investments in detail

Since its creation, ALIAD has constructed a portfolio of more than 40 investments.


44.01 eliminates CO2 by turning it into rock. The company’s pioneering technology accelerates the natural process of CO2 mineralisation to remove captured CO2 permanently in less than twelve months. The process is safe, scalable and lasts forever.

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Angiodroid develops a medical device to perform peripheral angiography. Angiodroid CO2 Injector allows automated injections of medical CO2 into blood vessels with a precise volume and at given pressure, and above all without air contamination. Angiodroid’s CO2 solution is a harmless alternative option to iodine-based contrast method, particularly indicated for patients diabetic or suffering from renal conditions.

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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. This start-up is no longer in the ALIAD portfolio.

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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. This start-up is no longer in the ALIAD portfolio.

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BOTALYS grows pure and potent botanicals using a unique hydroponic precision farming technology. By recreating their ideal wild conditions in a controlled environment, BOTALYS is able to cultivate rare medicinal plants of the highest quality, while preserving their natural biotopes of origin - so that their customers no longer have to choose between purity, effectiveness and sustainability

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Since 2007, Carmat has developed a unique alternate solution to human heart transplantation based on an implantable artificial heart. Air Liquide has decided to collaborate with Carmat by developing a portable fuel cell which should significantly increase 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. This start-up is no longer in the ALIAD portfolio.

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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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Distran’s ultrasonic imaging cameras detect, locate and quantify gas leaks from far distances, in real time and with extreme accuracy. The Swiss company counts among its customers the major players in the oil & gas, chemical and energy industries to enhance safety and improve sustainability of operations.

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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.

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.


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. This start-up is no longer in the ALIAD portfolio.

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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).

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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. This start-up is no longer in the ALIAD portfolio.

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Ekoscan Integrity

Ekoscan Integrity 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 Integrity in partnership with Air Liquide, for 3D modelling of cracks detected during ultrasonic testing. Ekoscan Integrity'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. This start-up is no longer in the ALIAD portfolio.

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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. This start-up is no longer in the ALIAD portfolio.

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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. This start-up is no longer in the ALIAD portfolio.

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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. This start-up is no longer in the ALIAD portfolio.

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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. This start-up is no longer in the ALIAD portfolio.

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SBA Materials

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. This start-up is no longer in the ALIAD portfolio.

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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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SparkNano is a Dutch company developing advanced production equipment to reduce the use of scarce materials in the hydrogen, battery, fuel cell, display and solar markets.

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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 was deployed in 2015 in partnership with Air Liquide.

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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. This start-up is no longer in the ALIAD portfolio.


Established in 2009, Terrajoule develops technologies that address the intermittent nature of solar and wind power, based on heat recovery. This start-up is no longer in the ALIAD portfolio.

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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. This start-up is no longer in the ALIAD portfolio.

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91, avenue Ledru Rollin
75011 Paris
+33 1 44 43 46 40