Island, Corelight Partners to Gain from Massive Funding Rounds

The new funding brings Island's valuation to $3 billion.

Edward Gately, Senior News Editor

April 30, 2024

4 Min Read
Corelight partners, Island partners benefit from funding

Corelight partners − and Island partners − will benefit from the companies’ massive funding rounds. Corelight just raised $150 million and Island raised $175 million.

Accel, Corelight’s first capital investor, led that company’s funding round with additional investment from Cisco Investments and CrowdStrike Falcon Fund. Corelight said the money will accelerate its AI-driven security innovation, cloud-native security capabilities, and data-fusion partnerships with cybersecurity platforms to deliver “transformative “capabilities for security operations center (SOC) analysts and incident response teams.

Brian Dye, Corelight’s CEO, said Corelight partners will benefit from the funding because of its open strategy.

Corelight's Brian Dye

“We are committed to giving customers ground truth − what is really happening on their networks − in the right form that works for them,” he said. “To do that, we invest in developing an ecosystem, especially across security information and event management (SIEM) and large language model (LLM) technologies. This ecosystem enables our partners to bring a more complete and more tailored solution to their customers than just a single-vendor approach. This is especially true for our partnerships with CrowdStrike and Cisco, who are also investing in us — giving both partners and customers increased confidence in our joint solutions.”

Corelight Partners Critical to Enterprise Expansion

Partners are critical to both Corelight customers’ security strategy and its own enterprise expansion, Dye said.

“Corelight has unusual strength in the large enterprise market segment, and we are focused on both continuing that strength and expanding our footprint in the core enterprise,” he said. “As we do so, our channel partners are even more important due to both their relationships and ability to guide customers to the right solution for their specific needs, whether that is increasing detection coverage, accelerating incident response, or AI-driven security automation. Of course, we remain committed to conducting business through the channel as we always have.”

In the months ahead, Corelight partners can expect more from the company, Dye said.

“More data, because great data isn’t just the oil of the modern economy, but in security, it is nearly priceless,” he said. “More detections, both in traditional and cloud networks. More workflow automation, both in our own technology and to accelerate next-generation SIEMs and enable security LLM programs. Putting those together, we can give security teams both the best evidence and the best analysis, which opens up a world of possibilities for them in driving incident response and threat hunting. That allows our partners to tailor an end-to-end solution for their customers that has already been proven in the largest and most complex customers in the world.”

Island’s Funding Round

Island’s new funding round brings that company’s valuation to $3 billion, doubling the last valuation from less than a year ago. The round was led by new investor Coatue and existing investor Sequoia Capital, with additional funding from other existing investors.

Island has raised $487 million in outside investment to date, including a strategic investment from Capital One Ventures.

Island's Mike Fey

“Enterprises require advanced security and productivity features that consumer browsers were never built to deliver,” said Mike Fey, Island’s CEO and co-founder. “We knew this would address critical pain points, but we’ve been thrilled at how quickly customers have adopted Island at scale – from major hotel chains and leading banks, to national retailers and smaller enterprises. We’re fortunate to have these dynamic companies as our design partners, and this new funding will enable us to invest more in R&D and customer success globally.”

Island said its channel partners will benefit from investments in growth of the enterprise browser category, expansion of the Island Enterprise Browser product, and investment in its go-to-market resources to support them and their customers.

“Partners play a key role in building awareness of this new category,” it said. “Many of our partners have incredibly trusted relationships with their customers, which creates opportunity for new types of solutions like the Island Enterprise Browser. Partners have been keen to bring this new solution set to customers to solve some of the most difficult and expensive challenges their customers face with BYOD and the changing workforce, outsourcing, general security concerns and full modernization of their infrastructure. It has been a game changer for many customers, and therefore for our partners.”

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About the Author(s)

Edward Gately

Senior News Editor, Channel Futures

As news editor, Edward Gately covers cybersecurity, new channel programs and program changes, M&A and other IT channel trends. Prior to Informa, he spent 26 years as a newspaper journalist in Texas, Louisiana and Arizona.

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