Bankrupt IronNet Shuts Down Operations – Supply: www.securityweek.com

The lights have flickered shut at IronNet, the once-promising community safety firm based by former NSA director Normal Keith Alexander.

Bankrupt and out of financing choices, IronNet stated it could file for Chapter 7 safety whereas its belongings are liquidated.

“Given the unavailability of additional sources of liquidity…IronNet ceased all activities of the company and its subsidiaries and terminated the remaining employees,” the Virginia firm stated in its newest SEC Type 8-Ok submitting.

It’s a outstanding finish for the high-flying community safety startup that launched in 2018 with $78 million in funding and bold plans to money in on an increasing cybersecurity market.

With Alexander on the helm, IronNet raised in extra of $400 million and rolled out its IronDome collective protection system that promised automated and real-time sharing of menace information and evaluation between taking part power firms.

In tandem, the corporate offered an IronDefense platform that supplied behavioral menace detection, visibility, and threat prioritization capabilities to organizations within the monetary and power sectors.

The corporate would go public in a SPAC transaction however struggled to achieve traction in a extremely aggressive market that features main distributors like Cisco and Palo Alto Networks and a cadre of well-capitalized startups.

On September 29, the top formally got here with a final note from IronNet: “The Company expects that no distributions would be available for stockholders in a Chapter 7 liquidation.”

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Associated: Cash-Strapped IronNet Faces Bankruptcy Options

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Date: 2023-09-30 07:46:11

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Alina A, Toronto
Alina A, Torontohttp://alinaa-cybersecurity.com
Alina A, an UofT graduate & Google Certified Cyber Security analyst, currently based in Toronto, Canada. She is passionate for Research and to write about Cyber-security related issues, trends and concerns in an emerging digital world.

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