Aliad Venture Capital
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.
Key facts
Recent exits
Coverage notes
1 fund tracked, 24 portfolio companies (20 active · 4 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.
ALIADVC2013 · 13yr€100M20 active · 4 realized
Unrealized
20 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| 44.01 | Energy | UAE | 2022 |
| Angiodroid | Healthcare | Italy | 2022 |
| APIX Analytics | Industrials | France | 2015 |
| Botalys | Healthcare | Belgium | 2022 |
| DietSensor | Healthcare | US | 2017 |
| Distran | Industrials | Switzerland | 2023 |
| Ekoscan Integrity | Industrials | France | 2021 |
| Ferroelectric Memory Company | TMT | Germany | 2023 |
| Flying Whales | Industrials | France | 2019 |
| Forge Nano | Industrials | US | 2020 |
| Hydrexia | Energy | China | 2013 |
| Libheros | Healthcare | France | 2017 |
| MySphera | Healthcare | Spain | 2018 |
| Noble Gas Systems | Industrials | US | 2025 |
| Orcan Energy | Energy | Germany | 2022 |
| Power to Hydrogen | Energy | US | 2024 |
| Quanta Dialysis | Healthcare | UK | 2014 |
| Quobly | TMT | France | 2026 |
| SparkNano | Industrials | Netherlands | 2022 |
| UBLEAM | Software | France | 2017 |
Realized
4 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| CARMAT | Healthcare | France | 2016 | 2021 | Trade Sale | – | |
| CleanGreens | Industrials | Switzerland | 2017 | 2025 | Write-off | – | – |
| Inpria | Deep Tech | US | 2015 | 2021 | Trade Sale | – | |
| Waga Energy | Energy | France | 2015 | 2025 | Trade Sale | – |
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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. Detailed buyer names and multiple data available on Pro at €29/month.
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