SageCloud Inc., a Boston company that is designing storage systems that aim to reduce the costs of data storage, said Tuesday that it has has completed a $10 Million Series B financing, which will be used to accelerate deployment and expand operations.
Braemar Energy Ventures led the round and was joined by existing investor Matrix Partners, the company said in a press release. SageCloud has now raised $13.2 million to date, a company spokeswoman added.
SageCloud has a focus on so-called “cold data’’ — data that are written once and infrequently accessed. Industry analysts have estimated that as much as 80 percent of data growth falls under the definition of cold data, the company noted.
SageCloud’s chief executive and founder is Jeff Flowers. He is also a cofounder of Carbonite Inc., a Boston company that sells data backup services to individuals and small businesses.
“SageCloud has developed powerful system software which leverages open-standards enclosures and economical commodity drives to optimize energy efficiency, drive sustainability, and long-term data preservation for customers’ data centers,’’ Flowers said in a statement. “In this way, we are revolutionizing the economics of data storage.’’