Cisco in talks to buy Israeli cyber startup Zafran at steep discount Exclusive: A deal valued at $150 million-$200 million would fall well below the company's last fundraising valuation despite backing from Sequoia, Menlo Ventures and Cyberstarts. What is happening at Zafran Security, one of Israel's most closely watched cybersecurity startups? Just four years after its founding, and following a series of high-profile funding rounds, the company is facing growing questions. One of its three founders has left, and according to multiple senior cybersecurity industry sources, Zafran has spent the past several months exploring a sale. Sources told Calcalist that the company is currently in advanced talks with Cisco, which is willing to pay between $150 million and $200 million. If completed, the deal would represent a disappointing outcome for a startup that has raised more than $130 million and was valued at well above $200 million in its most recent funding round in December 2025. Zafran denies that it is negotiating a sale. The company says Cisco is making a strategic investment and that it plans to raise another large funding round. The company's position has nevertheless raised eyebrows, particularly following the departure of co-founder and CPO Snir Havdala. Over the weekend, Havdala announced on LinkedIn that he had joined Nvidia as Director of Engineering, where he will lead the development of AI agents for Nvidia's infrastructure. While the role is a senior one at one of the world's most valuable technology companies, the departure of a founder shortly after a major fundraising round inevitably raises questions about the company's trajectory. Zafran, which frequently publicizes company milestones, did not announce Havdala's departure. In his LinkedIn post, Havdala wrote: "I’ve always been drawn to the hardest technical challenges - and today, I’m incredibly excited to begin a new chapter. I’m