Server vendor Liquid Computing is out of money and will wind down its business, the company's chairman tells the Ottawa Citizen. The company historically specialized in the high performance computing market, but shifted its focus last year to try to sell to a broader market.
"We thought we were in position for a new round of funding but two of our three major investors were unable to contribute," Liquid chairman Adam Chowaniec told the Citizen. "We have no alternative, but to start winding down the company to preserve as much of the intellectual property as possible."
The paper reports that chief executive Vikram Desai has left the company and most of the staff at the company's Ottawa headquarters were laid off last week. Chowaniec said the company hopes to sell its intellectual property assets.
Liquid Computing had raised about $50 million from investors provided include VG Partners (VenGrowth), Export Development Canada (EDC), and Business Development Bank of Canada (BDC).