Court-led round worth $4.5 billion on browser startup island
(Bloomberg) – Enterprise software and security startup Island Technology Inc. is raising funds at a $4.5 billion valuation in a round led by investment firm Coatue Management, according to people familiar with the issue.
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The deal shows venture capital companies remain optimistic about cybersecurity startups, even if artificial intelligence has gained much of the VC’s attention. Last year, cyber companies raised $9.5 billion, up almost 10% from 2023, according to cybersecurity employer PinPoint Search Group.
Representatives from the island and court did not comment on the deal.
The islands, with offices in Dallas and Tel Aviv, manufacture secure internet browsers for business use. This product was released in 2022. The company previously raised nearly $500 million from investors such as Sequoia Capital, Insight Partners and Israeli VC Firm CyberStarts. It last raised funds in early 2024 at a $3 billion valuation.
The startup is led by former executive at McAfee, CEO Mike Fey, and Dan Amiga, Chief Technology Officer, former vice president of Engineering at Symantec Corp.
Island offers in-browser security and productivity features tailored to your business. Its customers include hotel chains, banks, retailers and small businesses.
(Update the list of investors in the fourth paragraph.)
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