(Bloomberg) -- A startup building a secure web browser for businesses is coming out of stealth mode after raising about $100 million across two funding rounds from investors including Sequoia Capital and Insight Partners.
Led by Mike Fey, previously president at Symantec and general manager of McAfee, Dallas, Texas-based Island was most recently valued at roughly $500 million before it began generating sales, according to people familiar with the matter, who didn't want to be identified because the figure isn't public.
The company sees a gap in the market for a browser designed for businesses balancing post-pandemic remote and hybrid workforces, which includes cybersecurity and productivity features not offered by mainstream alternatives such as Google Chrome or Microsoft Edge.
Island says this includes tools such as secure copy-and-paste, and ways to redact text.
“The market was very aware that work would never be the same and our walls needed to be thought of very differently,” Fey said in an interview. He declined to confirm the company's valuation.
Fey said the company has begun to sign up larger clients in sectors including finance and retail, and will begin selling to small and medium-sized businesses around the end of the year.
Island began product development about two years ago and has about 100 employees between its Dallas headquarters and research and development center in Tel Aviv. It's also backed by investors Stripes and Cyberstarts, according to a statement Tuesday.
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