Thursday, May 19, 2022

The Island browser that you never heard of is now worth a billion dollars

The Island browser that you never heard of is now worth a billion dollars
The Island browser that you never heard of is now worth a billion dollars

A startup offering an enterprise-focused web browser has surpassed a billion-dollar valuation, in spite of launching only a matter of weeks ago. 

Though Island browser has exited stealth mode in early February, the browser has already achieved unicorn status courtesy of a $115 million Series B funding round that valued the company at $1.3 billion. Although the product was under development for two years before the launch, Island is still among the fastest startups to achieve this milestone.

The funding round was led by venture capital firm Insight Partners, who have previously invested in the likes of Shopify, Qualtrics as well as DocuSign, all of which have multi-billion-dollar market capitalizations. Other investors include Sequoia Capital, Stripes along with Cyber starts.

What’s unique about the Island browser?

The core difference between Island’s browser from Google Chrome or Microsoft Edge is a heightened focus on cybersecurity. As per Island, quintessential browsers are entirely unsuitable for use in a business context, in spite of their all-presence in the professional sphere today.

“The most extensively utilized app in the enterprise is the browser, however, that is a consumer-based design.” Island CEO Mike Fey shared with TechCrunch when the company emerged from its covers.

“A user wishes to have infinite freedom. The users want to have the ability to install anything they wish, visit anywhere they want and do who knows what with their browser, without having to face any issues. The Island browser enterprise wants to make sure that their customer data is safe, that their critical information is protected. The enterprise wants to make sure that they’re getting a good experience.”

Island’s service is built on the same Chromium engine as many popular browsers, therefore has a familiar interface, thus, it places several restrictions on how end-users can interact with the web.

For example, the Island browser gives security teams control over simple functionality such as copy-and-paste, screen capture as well as content downloads. Island also places limits on the kinds of extensions that can be installed along with the domains that can be visited.

The service gives IT administrators access to advanced tools to help secure SaaS applications as well as to prevent data leakage. It also provides a full insight into all deployments to help identify the source of incidents as quickly as possible.

“Island has fabricated a whole new way of thinking regarding enterprise work. By radically transforming the work environment to be secure-by-design, the Island Enterprise Browser enables organizations to achieve entirely new levels of security, productivity, as well as IT efficiency,” says Fey.

“Latest investments from Insight Partners in coordination with increased investment from the initial funding partners validates our product to be market fit. Thus, it accelerates our momentum, while highlighting the huge opportunity in front of us.”

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