# Air Liquide Ventures

Air Liquide Ventures is a Venture Capital based in Santa Clara, United States.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** Santa Clara, United States
- **Region:** North America
- **Address:** Santa Clara, CA, United States
- **Founded:** 2017
- **Assets under management:** Undisclosed
- **Website:** www.airliquideventures.com
- **LinkedIn:** https://www.linkedin.com/company/air-liquide-ventures

## Regulatory record

- **Reports private funds:** No

## About

Air Liquide Ventures is managed by Alto Invest. The firm has made six investments, including a July 15, 2004, investment in CLAIR. Air Liquide Ventures has one portfolio exit, Vision IQ, which occurred on November 13, 2006.

## Sectors

- ClimateTech
- Industrial Tech
- Energy Transition & Renewables
- AI/ML
- Advanced Manufacturing

## Offices

- Paris, France
- Seoul, South Korea
- Santa Fe, NM, United States

## People

- Patrick Alba — Managing Director
- Michael P. Leuchtenberger — Investment Director

## Questions

### Who runs investment decisions at Air Liquide Ventures?

Managing Director Patrick Alba leads the firm's investment team. He is supported by Investment Director Michael P. Leuchtenberger and a small team of professionals based in Santa Clara, Paris, Santa Fe, and Seoul (public record).

### How does Air Liquide Ventures source proprietary deal flow?

The firm leverages Air Liquide S.A.'s global industrial network—spanning over 78 countries—to identify startups that can benefit from commercial partnerships or pilot programs. Many deals originate from inside Air Liquide's R&D division or from industry conferences where startups present solutions relevant to hydrogen, carbon capture, and gas separation (public record).

### Is Air Liquide Ventures structured as a traditional venture fund or a corporate VC?

It operates as a corporate venture capital (CVC) arm wholly owned by Air Liquide S.A. Unlike a typical venture firm, its investment decisions are influenced by strategic alignment with the parent company's industrial goals, though it also targets financial returns (public record).

### Which sectors does Air Liquide Ventures explicitly avoid?

The firm does not invest in consumer software, fintech, healthcare, or non-industrial technologies. Its mandate centers on deep tech that can be commercialized in industrial settings, particularly hydrogen, carbon management, and advanced manufacturing (public record).

### Does Air Liquide Ventures participate in fund commitments or only direct deals?

The firm primarily makes direct equity investments in startups. It does not act as a fund-of-funds or commit capital to external venture funds (public record).

### What is Air Liquide Ventures' known posture on co-investments alongside external GPs?

The firm regularly co-invests with other corporate VCs and traditional venture firms. Notable co-investors have included Chevron Technology Ventures, Samsung Venture Investment Corporation, and other industrial CVCs (per Carbon Clean, 2023).

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Last updated: 2026-06-03T20:00:00.000Z

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