The $3bn Israeli startup securing enterprise browsers across the world

Sometimes the right people come up with the right idea at the right time. Four years ago, tech entrepreneurs Dan Amiga and Mike Fey founded Island to create a revolutionary enterprise browser – like a regular web browser but with added security and features specifically tailored to businesses to increase their productivity and user experience.  

Amiga, who spent five years in the elite IDF 8200 unit as a security expert and technologist, had previously developed Remote Browser Isolation technology (RBI) but saw an opportunity to improve on these solutions by integrating security directly into a user-friendly browser designed around the modern needs of remote and hybrid work environments. He teamed up with fellow cyber security expert Fey, the former President and Chief Operating Officer (COO) of Symantec, which had bought Amiga’s other company Fireglass in 2017 for a reported $250 million.

Their experience positioned them well to create a product that addressed real business challenges. Island, which is built on Chromium (responsible for many popular web browsers, including Google Chrome, Microsoft Edge, and others) is now the world’s leading internet browser for businesses, earning a remarkable $3 billion valuation, doubling its previous valuation in less than a year.

Amiga, who lives in Israel where the company’s R&D is located, tells Jewish News: “Island’s mission with its Enterprise Browser is to deliver security, productivity and great and user experiences in a radically simplified and cost-reduced way compared to current consumer browser solution.”

Operating in North America, the UK, Nordics and most recently Germany, Dallas-based Island, has already partnered with over 200 global organisations, several in the UK.

While the company isn’t able to name clients, they include many Fortune 100 companies, a major global airline, a leading bank with over $2 trillion in assets and one of the top five global hotel and hospitality groups, and the company has ambitious expansion plans to sit on desktops across the world.

Island’s latest $175 million fundraising round, announced in April, was led by new investor Coatue and current investor Sequoia Capital, with additional funding from existing investors.

In spite of the recent valuation and increasing market interest, Amiga says it still takes some explaining to get executives to understand the value of special security-focused browser. “Most senior IT and security professionals have taken for granted that the insecure and decidedly not purpose-built consumer browser was their only option to allow employees access to SaaS and web applications. When they get the power of having control over that privileged place where most work is done, any scepticism turns to outright enthusiasm.”

Quite. In a recent report on the category, Gartner® predicted that “by 2030, enterprise browsers will be the core platform for delivering workforce productivity and security software on managed and unmanaged devices for a seamless hybrid work experience.”

Amiga believes there will also be “consolidation of solutions in cybersecurity” more generally.  “The Island browser will supplant many product categories over time. But customers are also really craving consolidation as well, so they are driving a lot of that momentum. Fewer vendors, greater accountability, more integrated solutions that are easier and more cost effective to manage.

“But the bad guys are not going away,” he adds, “so there will always be room for innovation in this space. It is the only area of technology that has an active adversary, so that keeps cybersecurity rapidly evolving.”

Cyber has been a real hero of the Israeli tech ecosystem, which has faced a challenging year. According to a report by Startup Nation Central, cyber featured four of the six mega-rounds with $846 million in private funding in the first quarter of the year and accounted for nearly 50 per cent of the tech ecosystem’s total funding.

Amiga explains that “cyber crime in the form of breaches, data loss, ransomware is one of the most financially and reputationally damaging things that can happen to a company. It is also incredibly lucrative for bad actors, so the need to constantly protect against current and new threats is immense.

“There is incredible talent in Israel, and surrounding that talent are really great Venture Capitalists, like our early and continued funding partner Cyberstarts.

They have a great track record for spotting breakthrough ideas and high-performance leadership teams, and then invest not only capital, but in helping those seed-stage companies find design partner customers, and high-quality leaders to join the company.”

Now with a team of nearly 300, Island, which has been growing year on year is focused on continued expansion.

What’s the five-year plan? “Scaling up, segment expansion, global expansion and continuing to make the Island Enterprise Browser the desktop of the future, delivering incredible value to our customers.”

island.io