Based in Dallas, a cybersecurity startup called Island has secured a new multi-billion dollar funding round.
New York-based investment firm Coatue Management led the latest funding round, which values Island at a sky-high $4.5 billion. The latest investment announcement follows seven previous rounds. Island first crossed the billion-dollar “unicorn” milestone in 2022, when it was valued at $1.3 billion.
“Where everything the enterprise needs — security, IT, network controls, data protections, and app access — is naturally embedded into the browsing experience users expect,” reads a description on Island’s website.
According to the company, eight of the world’s largest banks, four of the world’s largest travel companies, and seven of the world’s largest retailers use Island’s security-focused browser.
The company’s latest valuation is the culmination of eight funding rounds totaling $560 million in raised capital. According to Crunchbase, Island is backed by 14 investors, with ServiceNow Ventures and EDBI comprising the latest round.
“We’re thrilled to support Island’s continued growth and innovation, and we share in their mission to help enterprises enable seamless and secure access to their data,” Victor Chang, vice president of ServiceNow Ventures, said in December.
“Island is poised to help enterprises unlock efficiencies, improve their security posture, and transform their IT infrastructure, and we look forward to a continued partnership and collaboration to deliver transformational value for our joint customers.”
Island co-founder and CEO Mike Fey concurred.
“CIOs and CISOs are deploying ServiceNow and Island to protect sensitive data, accelerate their IT transformation, and enhance user satisfaction, especially around AI, data intelligence, and cloud technologies. ServiceNow is reinventing how effective IT organizations operate, and their investment in Island further validates both the enterprise browser category and Island’s leadership within it,” Fey said in the same December press release.
Cybersecurity is not just a corporate concern either. In early February, The Dallas Express reported that Texas Gov. Greg Abbott announced the creation of a Texas Cyber Command in light of the growing cybersecurity threat in the United States. In December, China-backed hackers successfully infiltrated the U.S. Treasury, reportedly using a stolen key to access workstations and sensitive documents.
More than just addressing cyber threats, Abbott’s new group is expected to develop a comprehensive strategy to secure digital infrastructure in the Lone Star State, focusing on detecting and preventing attacks before they hit Texas.