McLean, Virginia-based IronNet, which ceased operations in September and furloughed employees, has filed for Chapter 11 bankruptcy reorganization after failing to secure new funding.
The company has roughly 100 employees.
IronNet secured $10 million in debtor-in-possession financing with ITC Global Advisors on Oct. 10.
“Against a backdrop of intense restructuring in an uncertain capital raising environment, we remain intent on stabilizing IronNet and serving our customers. With the DIP financing provided by ITC, we believe we are better positioned to act in the interests of our stakeholders through the restructuring,” said Lina Zecho, IronNet CEO, who was appointed to the chief executive role in July.
In a Securities and Exchange Commission filing in September, the company said securing additional funding would allow it to rehire some furloughed employees and resume operations.
IronNet was founded in 2014 by retired four-star Army General, and former National Security Agency director Keith Alexander. Its employees include several former NSA cybersecurity operators.
Its customers include both government and private sector organizations.
IronNet went public two years ago. The company has about $27.3 million in annual revenue.