Legit Security raises $40 million in private funding

Israeli cybersecurity firm Legit Security said on Wednesday it raised $40 million in a private funding round led by venture capital fund CRV.

Existing investors Cyberstarts, Bessemer Venture Partners, and TCV also participated.

Since its founding in September 2020, Legit has raised a total of $77 million.

Funds from the early stage Series B financing will be used to expand sales, marketing and R&D, as well as to address the emerging threat of artificial intelligence (AI) and large language models (LLMs) in the development of new applications, Legit said.

It noted that its customer base includes brands such as Google, the NYSE, Kraft Heinz and Takeda Pharmaceuticals.

On Tuesday, Israeli cyber firm Cato Networks said it raised $238 million in a late stage funding round, valuing the company at $3 billion. Israel has emerged as a global leader in cyber security in recent years. Reuters