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IronNet Cybersecurity announced a $78 million Series B on May 3, 2018. C5 Capital led the round, with existing investors ForgePoint Capital and Kleiner Perkins participating. The financing brought IronNet’s reported total funding to more than $110 million, according to SecurityWeek’s account.
Who invested in IronNet’s $78 million funding round?
The 2018 Series B was led by C5 Capital, a new investor in the round. ForgePoint Capital and Kleiner Perkins, both existing investors, also participated. SecurityWeek reported that the financing raised IronNet’s total funding to more than $110 million. The report did not state the company’s valuation or other detailed financing terms.
What did IronNet do?
Founded by Gen. Keith Alexander, a former director of the National Security Agency and founding commander of U.S. Cyber Command, IronNet developed cybersecurity products for organizations and industries.
IronDome: collective threat-data sharing
IronDome was described as a collective-defense system that enabled participating energy companies to exchange threat data and analysis automatically and in real time. SecurityWeek said it was being used by nearly half a dozen energy providers whose operating subsidiaries spanned more than two dozen states.
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IronDefense: behavioral detection and risk prioritization
IronDefense was described as a behavioral threat-detection platform offering network visibility and risk-prioritization capabilities. The report said organizations in the financial and energy sectors used it. In short, IronDome centered on sharing threat information among participants, while IronDefense focused on detecting and prioritizing potential threats within an organization.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How did IronNet say it would use the Series B money?
IronNet said it planned to use the funding to increase product adoption in financial services and healthcare and to expand in Europe, Asia, and the Middle East. Those were announced intentions in 2018; SecurityWeek’s report does not establish whether the company achieved them.
Alexander described the investment as an endorsement of the company’s technology and strategy. He said IronNet looked forward to working with the new investors to innovate and expand its efforts in national security. That statement reflected the company’s plans and outlook at the time, not evidence of later results.
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