IronNet, a McLean, VA-based cybersecurity platform, has shut down, Security Boulevard reports. The company furloughed almost all its employees last month.
The company went public via a SPAC merger with LGL Systems in mid-2021, after securing a PPP loan and raising over $150 million in VC funding from firms like C5 Capital, ForgePoint Capital, Kleiner Perkins and Trident Capital.
LGL shareholders voted to approve the merger in an August 2021 vote. At the time, the SPAC said 93% of its shares were redeemed in connection with the business combination.
The merged company received gross proceeds of approximately $136.7 million, which included $125 million from a PIPE and approximately $11.7 million from the SPAC’s trust account after deducting redemptions.
Announced in March 2021, the deal originally called for approximately $267 million in net proceeds.
IronNet was founded in 2014 by retired four-star general Keith Alexander, soon after he departed as the former director of the National Security Agency. Read more.
