Island Technology Inc., the developer of a secure Chromium-based browser for the enterprise, today announced that it has raised $250 million in a late-stage financing led by Coatue Management, bringing its valuation to $4.8 billion.

Island, an enterprise browser and cybersecurity startup, said on Wednesday its latest funding round valued it at $4.8 billion, marking a 60% jump in less than a year, underscoring the rush by companies worldwide to strengthen their security protocols.

Island's enterprise browsers are meant to act like commercial browsers but come with more security and oversight.