Dallas-based Island Technology—whose secure enterprise browser has made it a pioneering category leader—made headlines in 2022 as a unicorn with a $1.3 billion valuation. Now it has more than tripled that lofty mark following a new funding round led by New York investment firm Coatue Management, according to a Bloomberg report.

The new funding values Island at $4.5 billion, Bloomberg reports.

Neither Island nor Coatue commented on the funding round, per Bloomberg.

“Enterprises require advanced security and productivity features that consumer browsers were never built to deliver,” Island Co-Founder and CEO Mike Fey said in a statement last April, when a $175 million Series D funding round valued his company at $3 billion. “We knew this would address critical pain points, but we’ve been thrilled at how quickly customers have adopted Island at scale—from major hotel chains and leading banks to national retailers and smaller enterprises.”

Island has raised a total of $560 million in funding over 8 rounds, according to Crunchbase, which reports that Island is funded by 14 investors, with ServiceNow Ventures and EDBI as the company’s most recent investors.

“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, VP of ServiceNow Ventures, said in a statement 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.”

“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,” Island’s Mike Fey added in December. “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.”

Island’s newest funding demonstrates that AI isn’t all that’s occupying investors’ minds these days, with cybersecurity squarely in increasing focus. Bloomberg cited Pinpoint Search Group in noting that cybersecurity companies raised $9.5 billion in 2024, an increase of nearly 10% year over year.

Emerged from stealth in 2022

Offering what it calls “the desktop of the future,” Island has demonstrated meteoric valuation growth since it emerged from stealth in February 2022 with over 100 employees and nearly $100 million in funding. The startup added Cisco Investments as an investors that July. In May 2023, Island introduced what it called “the world’s first self-protecting browser,” calling the upgraded rollout “a fundamentally new approach and level of security for enterprise work.”

In December 2023, Island made the first-ever Fortune Cyber 60 list. 

Last April, the company saw its valuation rise to $3 billion after a $175 million Series D round led by Coatue and existing investor Sequoia Capital, with additional funding from other existing investors.

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