Island, the Dallas-based unicorn in the enterprise browser market, announced an extension of its Series B funding round with a $60 million investment led by Toronto-based Georgian.
The company said that the investment will further fuel its mission to reshape the future of work by redefining the role of the browser for the enterprise.
Island said it embeds the core needs of the enterprise in the browser itself, giving them control over the “last mile” of user interaction with Software-as-a-Service (SaaS) and web applications. That enables a simpler and stronger security posture, while improving productivity for users as well as IT and security organizations, Island said.
“The market adoption of our technology has been exciting, and being able to further validate our valuation, even with the headwinds facing the broader market, is an honor,” Island CEO and co-founder Mike Fey said in a statement. “This most recent investment adds to our considerable war chest, and we see great opportunity to leverage it to expand our leadership position and continue to bring game-changing value to our customers. We are grateful to all of our investors for their belief in, and support of, Island, and excited to bring on another very strong partner in Georgian.”
Emerged from stealth in February
Island emerged from stealth in February, announcing at the time that it had landed nearly $100 million in funding from early-stage investors Insight Partners, Sequoia Capital, Cyberstarts, and Stripes.
After raising more than $200 million since its launch in February, Island announced in July a new investment by Cisco Investments for an undisclosed amount.
Island said that its Enterprise Browser allows a corporation to control where and when users copy and paste data in or out of applications, checking device posture before granting application access, preventing unauthorized screen captures, managing extension permissions, workflow enforcement, policy-based storage, network tagging, geo fencing and more.
The company said that Georgian’s investment extends its previously announced Series B financing round, led by existing investor Insight Partners, with participation from Stripes and Sequoia, as well as strategic investor Cisco Investments. The new funding reaffirms Island’s valuation of $1.3B and adds to its considerable cash reserves, the company said in a statement.
Will tap Georgian’s expertise in ‘deep data science’
Along with the financial backing, Georgian will contribute expertise in deep data science to further accelerate the security and productivity functionality of the Island Enterprise Browser, the company said.
“The Island Enterprise Browser is helping some of the world’s largest companies improve both enterprise security and user experience,” Steve Leightell, lead investor at Georgian, said in a statement. “Island is leading one of the biggest enterprise software replacement cycles that we’ve seen. Their experienced team is uniquely built to ensure Island becomes the enterprise browser of choice. We’re thrilled to be on the journey with them.”
Island’s browser named Best Enterprise Security Product of the Year
SC Magazine recently named the Island Enterprise Browser the Best Enterprise Security Product of the Year.
With the browser, security teams are able to fully control the last mile, Island says, including more advanced security demands including data redaction, watermarking, and multi-factor authentication insertion.
Formed in 2020, Island’s enterprise-focused browser is built upon Chromium, which powers names like Google Chrome and Microsoft Edge. The browser protects a company’s SaaS tools and internal web applications from data leaks with security features like web filtering and isolation, exploit prevention, and zero-trust network access.
In March, when Island unveiled its $115 million Series B round led by Insight Partners, the company was valued at $1.3 billion.
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