Nevis Networks, provider of products used to secure local-area networks, has filed for bankruptcy after a drop in demand. Based in Mountain View, Calif., the company has also come up against tough competition from Microsoft and Cisco Systems. It will offload $500,000 in assets, but it owed $50 million to 49 creditors, reports VentureWire.
Nevis had raised $32 million in capital from BlueRun Ventures, New Enterprise Associates and NewPath Ventures. It isn’t the only network control company that has had a rough time lately. Both Lockdown Network and Caymas Systems went belly up last year.