<ul><li>IronNet, a threat detection and response company, announced that it will lay off 55 employees (~17%) by the end of this month. The layoff announcement comes less than a year after the company went public at a USD 1.2 billion valuation by merging with a SPAC in August 2021.</ul>

• The decision comes on the heels of the company’s decision to boost efficiency, reduce expenses, and preserve cash as part of its broader streamlining plan.

• IronNet expects revenue to increase by 25% to USD 34 million in FY2023. The company has also revealed plans to evaluate all expenses to achieve a cash flow neutral financial position next year.

<ul><li> Analyst QuickTake: IronNet is the latest cybersecurity company to go through layoffs following the likes of Deep Instinct, Lacework, and Cybereason. Earlier this month, Deep Instinct , an endpoint security startup, laid off some of its employees in sales and business development roles. Cybereason , also an endpoint security startup, laid off nearly 100 employees (~10%) ahead of its USD 5 billion IPO, while cloud-security firm Lacework laid off 20% of its workforce, citing seismic shifts in both the public and private markets over the past several months. Lacework also shelved plans to go public this year, a move that came just six months after it secured one of the largest ever funding rounds in the cybersecurity industry— USD 1.3 billion at a USD 8.3 billion valuation.</ul>