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Data Backup Company Storiant Shuts Down

Data backup company Storiant Corp. shut down in November and was liquidated under Massachusetts bankruptcy law, according to investor documents.

Storiant had raised about $14 million in equity and debt, and its intellectual property was sold for about $90,000, according to a person familiar with the matter.

Board members David Skok, a general partner at Matrix Partners, and Jiong Ma, a partner at Braemar Energy Ventures, could not be reached for comment.

Storiant, which was originally called SageCloud, was started in Boston in 2012 with the idea of providing low-cost, highly reliable, exabyte-scale data backup for corporate customers. The co-founder of Carbonite Inc., David Friend, whose company provides storage to small and medium-sized businesses, was its first investor.

In 2014, SageCloud changed its name to Storiant about 10 months after receiving a $10 million Series B round from Braemar and Matrix.

In October, Storiant hired Strategic Advisory Services International to sell the company. It was closed and the remaining employees were laid off in late November, according to investor documents.

Yuliya Chernova contributed to this report.

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