Island, a Dallas-based IT software business with a two-year history, has raised approximately $285 million in investment to date.
According to Island, its $1.3 billion value and unicorn status have been confirmed by the fresh $60 million investment headed by Toronto-based fintech startup Georgian.
New York-based global venture capital and private equity company Insight Partners led Island’s last fundraising round, which Georgia is now continuing by providing additional funding. In March, it said that it had successfully raised $115 million.
$100 Million in Investment in February
The investment firm Cisco Investments committed $10 million to the business in July.
The company, which was established in 2020, went into stealth mode for two years as it developed a revolutionary new browser, eventually emerging in February with $100 million in investment.
Based on data from Crunchbase, Island is one of 22 businesses in Texas with a value of over $1 billion.
Island’s flagship product is the Enterprise Browser, a browser designed specifically for corporate usage that, according to Island, grants more administrative oversight and protection.
The solution might be used by a company’s IT department, for instance, to stop employees from copying and pasting, to prevent hackers from recording employees’ screens, and so on.
Island co-founder and CEO Mike Fey said, “Think of it as a different browser from your own one.” That browser link means “time to go to work.”
Users will be comfortable with this browser since it is based on the same open-source project that drives Google’s Chrome.
As more people in the workforce take advantage of flexible working arrangements like working from home or meeting clients at coffee shops or hotels, firms have a greater need to protect their networks from cyber threats.
According to Fey, prospective investors contact the island often. He said that Island’s decision to partner with Georgia was based on the latter’s technical skills in the areas of artificial intelligence and machine learning.
“A lot of VC companies simply show up with cash,” Fey added. Those we’ve decided to work with have shown a serious capacity to contribute to our success in ways other than monetary compensation.
to “discover and accelerate the top growth-stage software startups,” as stated on the Georgian website.
To Boost Security and Customer Satisfaction
According to Steve Leightell, Georgia’s primary investor, many of the world’s biggest corporations employ Island’s product to boost security and customer satisfaction.
“Island is driving one of the largest corporate software replacement cycles that we’ve seen,” said Leightell.
Fey wouldn’t say whether Island plans to go public or not. He also declined to name any specific businesses that are using the browser, but did say that Island is now working on securing authorization to include client logos on its website.
“I can tell that we have clients of all shapes and sizes in all industries, from the financial sector to the retail sector to the energy sector and more besides,” he stated.
Fey Launched the Startup
Fey, who worked in senior capacities at Symantec (now Norton LifeLock and located in Tempe, Arizona) and in the McAfee division of Intel’s security arm, and CTO Dan Amiga, who created and served as CTO of Israeli corporate cybersecurity business Fireglass, launched the startup.
At the year’s end, Island will have around 150 workers, 40 of whom will be based out of its Cypress Waters headquarters in Dallas. According to Fey, the firm will almost certainly increase its personnel in the next year.
Fey said that while competition for IT skills is high, North Texas has a large cybersecurity presence.
“There aren’t many firms worth paying attention to,” he lamented. Given that what we’re doing is so novel and innovative that it piques the interest of the best and brightest, we’ve had no trouble filling our open positions.