What investment strategy does Aliad Venture Capital focus on?

Aliad Venture Capital focuses on VC strategies in the private equity space.

How many portfolio companies does Aliad Venture Capital have?

Aliad Venture Capital has 21 active portfolio companies and 5 completed exits and 1 fund tracked on GP Intel.

Where is Aliad Venture Capital headquartered?

Aliad Venture Capital is headquartered in Paris, France.

What sectors does Aliad Venture Capital invest in?

Aliad Venture Capital invests across Energy, Healthcare, Software, Industrials.

What are Aliad Venture Capital's recent exits?

Recent realized exits by Aliad Venture Capital include: MySphera (2026) to Essentia Health Project, S.L. (Mediance / ABE Capital Partners); Waga Energy (2025) to EQT Infrastructure; CARMAT (2021) to Market (Euronext); Inpria (2021) to JSR Corp.

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Aliad Venture Capital

Paris, France·

Venture Capital

·airliquide.com

ALIAD (Air Liquide Venture Capital) is the strategic venture capital fund of Air Liquide, established in 2013. It invests in and supports innovative technology startups by acquiring minority equity stakes, focusing on climate tech, healthcare, and industrial innovation sectors.

AUM

–

Funds

vintages 2013

Portfolio

Exits

Aliad Venture Capital is a Paris venture capital firm with 21 active companies and 5 exits.

SectorsEnergy Healthcare Software Industrials

Key takeaways

·5 exits in the last 5 years · consistent DPI cadence.
·Average hold across 5 realized deals: 7 years.

Sector breakdown

26 companies

ClimateTech

6 · 23%

Industrials

5 · 19%

MedTech

3 · 12%

HealthTech

3 · 12%

Deep Tech

2 · 8%

Biotech

1 · 4%

AgTech

1 · 4%

TMT

1 · 4%

Geography breakdown

12 geographies

France

8 · 31%

5 · 19%

Switzerland

2 · 8%

Germany

2 · 8%

China

2 · 8%

UAE

1 · 4%

United States

1 · 4%

Italy

1 · 4%

Key facts

HQParis, France

Websiteairliquide.com

Recent exits

Aliad Venture Capital sold MySphera to Essentia Health Project, S.L. (Mediance / ABE Capital Partners) in 2026 after 8 years.

Aliad Venture Capital exited CleanGreens in 2025 after 8 years.

Aliad Venture Capital sold Waga Energy to EQT Infrastructure in 2025 after 10 years.

Aliad Venture Capital sold Carmat to Market (Euronext) in 2021 after 5 years.

Coverage notes

1 fund tracked, 26 portfolio companies (21 active · 5 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

Every fund Aliad Venture Capital has raised, with its portfolio companies. Hand-checked from public filings.

1 fund

Fund

Strategy

Vintage

Size

Assets

Exits

ALIAD

VC2013€100M21 assets5 exits

2013 · 13yr

€100M

Unrealized

21 held

Company	Entry
44.01 ClimateTech · UAE	2022
Ammobia United States	2026
Angiodroid MedTech · Italy	2022
APIX Analytics Industrials · France	2015
Botalys Biotech · Belgium	2022
DietSensor HealthTech · US	2017
Distran Industrials · Switzerland	2023
Ekoscan Integrity Industrials · France	2021
Ferroelectric Memory Company TMT · Germany	2023
Flying Whales Aerospace & Defence · France	2019
Forge Nano Industrials · US	2020
Hydrexia ClimateTech · China	2013
Libheros HealthTech · France	2017
Noble Gas Systems ClimateTech · US	2025
Orcan Energy ClimateTech · Germany	2022
Power to Hydrogen ClimateTech · US	2024
Quanta Dialysis MedTech · UK	2014
Quobly Deep Tech · France	2026
SparkNano Industrials · Netherlands	2022
Suzhou Origin Materials Technology Co., Ltd. (OMT) China	–
Ubleam SaaS · France	2017

Realized

5 exits

Company	Entry	Exit	Type	Buyer	MOIC
Carmat MedTech · France	2016	2021	Trade Sale	Market (Euronext)	–
CleanGreens AgTech · Switzerland	2017	2025	–	–	–
Inpria Deep Tech · US	2015	2021	Trade Sale	JSR Corp	–
MySphera HealthTech · Spain	2018	2026	Trade Sale	Essentia Health Project, S.L. (Mediance / ABE Capital Partners)	–
Waga Energy ClimateTech · France	2015	2025	Trade Sale	EQT Infrastructure	–

About Aliad Venture Capital

ALIAD (Air Liquide Venture Capital) is the strategic venture capital fund of Air Liquide with €100 million of assets under management, established in 2013 and headquartered in Paris. The fund invests in and supports innovative technology startups by acquiring minority equity stakes, focusing on climate tech, healthcare and industrial gas-adjacent technology innovation aligned with Air Liquide's strategic priorities.

Investment thesis

ALIAD targets European and global startups across climate technology, healthcare innovation and industrial technology verticals adjacent to Air Liquide's core industrial gas business. The corporate VC structure provides strategic relationships with Air Liquide business units supporting portfolio company commercial development across industrial gas distribution, healthcare and selective adjacent markets. Equity tickets vary by stage and strategic alignment with Air Liquide group priorities.

Recent activity

Recent realised exits include Waga Energy (energy, 2025), reflecting selective distribution across the corporate VC portfolio. The platform tracks a single dedicated fund vehicle, 20 active portfolio companies and 3 realised exits across the multi-vintage Air Liquide corporate VC programme.

Frequently asked questions

What investment strategy does Aliad Venture Capital focus on?: Aliad Venture Capital focuses on VC strategies in the private equity space.
How many portfolio companies does Aliad Venture Capital have?: Aliad Venture Capital has 21 active portfolio companies and 5 completed exits and 1 fund tracked on GP Intel.
Where is Aliad Venture Capital headquartered?: Aliad Venture Capital is headquartered in Paris, France.
What sectors does Aliad Venture Capital invest in?: Aliad Venture Capital invests across Energy, Healthcare, Software, Industrials.
What are Aliad Venture Capital's recent exits?: Recent realized exits by Aliad Venture Capital include: MySphera (2026) to Essentia Health Project, S.L. (Mediance / ABE Capital Partners); Waga Energy (2025) to EQT Infrastructure; CARMAT (2021) to Market (Euronext); Inpria (2021) to JSR Corp.