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(Bloomberg) – Enterprise Software and Security Startup Island Technology Inc. collects money with an evaluation of 4.5 billion US dollars in one round that is led by the person familiar with the matter.
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The deal shows that venture capital companies are still optimistic about startups from cyber security, even if artificial intelligence arouses the majority of VC attention. Last year, cyber companies collected 9.5 billion US dollars, which, according to Pinpoint Search Group Pinpoint Search Group, rose by almost 10% from 2023.
Representatives of Iceland and Coatue have not commented on the deal.
Iceland, which has offices in Dallas and Tel Aviv, produces Internet browser for companies. The product was introduced in 2022. The company previously used almost 500 million US dollars from investors such as Sequoia Capital, Insight Partners and Israeli VC company Cyberstarts. It last collected money in early 2024 with an evaluation of 3 billion US dollars.
The startup is managed by Chief Executive Officer Mike Fey, a former executive at McAfee, and the Chief Technology Officer Dan Amiga, the former Vice President of Engineering at Symantec Corp.
Iceland offers security and productivity functions in its browser that are tailored to companies. Customers include hotel chains, banks, retailers and small companies.
(Update list of investors in fourth paragraph)
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