Do you see this opportunity, you know, the enterprise browser becoming ubiquitous? If we look at certain segments now, financial, retail, manufacturing, healthcare, the juggernauts of those industries have all engaged and they've engaged almost at the same pace. You know, we have one quarter where four of the top five banks are actually purchasing in the same exact quarter. And so you start to feel like there's this tipping point occurring and it's a wonderful thing because what happens is they land for a given use case but they have a strategic objective. And the more you roll out an enterprise browser, the more ROI you get, the more tools you displace, the more workload you remove, you know, the more security you provide. It's very rare that a CISO and a CIO can collaborate together on the same project. It's rare that the act of delivering better cybersecurity can reduce cost and improve end user experience. Like we've always had to sacrifice at least one of those if not two at a time. And so when those collaborate on that, you find that it picks up momentum. We almost lose track of why we're there because the original use case is now supported by five other use cases. And then we get to the point where, wait a second, I've got more control and capability with those endpoints than I do the rest of my company. How do we press out to that? And when we do, look at all the other tech we can retire, look at the simplicity we can bring. So it really is at this amazing moment where most these use cases are being delivered now and now it's the big expansion time.
Hey Mike, thank you so much for joining my podcast Vigilance. I'm super excited to have you here today. Everybody seems to know about Island but I think there's an opportunity to share a bigger picture.
Thanks for having me. I'm excited to chat with you.
Yeah, and I have to just tell a quick story because it's just printed in my brain. When we first started working and partnering together three years ago, I had a call with one of my big healthcare CISOs and it was the first meeting. And I asked him if you could do one thing to increase security, what would it be? And it's really just my opportunity to learn about how I can help. And he said, have no data land on the desktop. And I said, I can do that. I can do that with Island. And he's like, who's Island? Wait, you know, because this is like three years ago before everybody knew you. And he said, I need to see that vendor today. And I said, okay, this is a good way for us to start. So I just wanted to say thanks for making me a hero. My only job is to solve problems for my CISOs and you allow me to do that. So let's take a minute, have you introduce yourself, maybe tell a little bit about Island and then we'll kind of get into the podcast.
Okay. Well, I'm Mike Fey, co-founder and CEO of Island. Island's been around for about four, four and a half years now. We've got over 300 customers, a couple million browsers out there, 400 people in the company, half those are in R&D, which is with my co-founder in Israel, Dan Amiga. Island saw the opportunity to take this standardization of the browser, which occurred around an open source project called Chromium. So Edge and Chrome and, you know, Opera, Brave, they're all on this platform now. Where most of those are focused on content providers and advertisers and e-commerce, we said, what if we took that wonderful open source project and drew our attention to security, to the business, and to the end user, and really focused on adding in capability that would help those organizations? That's what Island started to do. And we've been on a fun journey for that. Recently valued at three billion, which was a huge honor. But more importantly, you know, the hundreds of customers, from the Fortune 10 down to 3,000-person companies, have adopted Island. And really, we've been able to co-write that future together. And what else can we do? You know, when you have control last mile, there's so many opportunities to value. And it's that collaboration with our customers that's given just almost an endless set of use cases. So really excited to kind of talk about it because even people that heard Island a year ago, I would say we couldn't, you know, dramatically different yet again. And I think next year we'll see even more.
Right, yeah, it's that's why this podcast is so important and educational because it's changing so quickly and I want to make sure we keep everybody up to date. I can barely, I think it's unlimited number of use cases because some we just didn't even know yet today because we discover new ones every day. But that last mile of control, I kind of refer to it as zero trust on the endpoint. And yeah, so staying at the 10,000 foot level for a second, what is the, I'm sure you know, given a $3 billion dollar valuation, you have done some estimations on how big this market could be.
Yeah, the total addressable market is, you know, question number one by investors and in our case it is a staggering number. It's over 200 billion in total addressable market, which if you think about it from a cybersecurity perspective, probably makes it the largest TAM in all of cybersecurity. And that's somewhat misleading because it's such a large TAM because it isn't just cybersecurity. You know, we're adding value to the CIO and that stack of tech they use to deliver their applications. Then we've got use cases directly for end user productivity. But at the end of the day, it's knowledge workers times average browser selling price gets you well above 200 billion. And that's why the fact we've engaged with, you know, the Fortune 5 and, you know, small emerging companies and added value across that reaffirms that TAM. So it is a very big market. It's growing rapidly, its adoption is going well, it's going very quickly. But it is a significant, significant opportunity.
Yes, that's just an amazing number and to think about that. And I always like to say how much you've changed the cyber landscape, but it's not just cyber, like you said, the CIO has just as many use cases here. Do you see this opportunity as, you know, the enterprise browser becoming ubiquitous?
Yeah, I honestly think you, based on if we look at certain segments now, financial, retail, manufacturing, healthcare, the juggernauts of those industries have all engaged and they've engaged almost at the same pace. You know, we have one quarter where four of the top five banks are actually purchasing the same exact quarter. And so you start to feel like there's this tipping point occurring and it's a wonderful thing because what happens is they land for a given use case, they land to solve a problem, to add immediate value to the organization, but they have a strategic objective. And the more you roll out an enterprise browser, the more ROI you get, the more tools you displace, the more workload you remove, you know, the more security you provide. And we think about it kind of catching that momentum. It's very rare that a CISO and a CIO can collaborate together on the same project. It's rare that the act of delivering better cybersecurity can reduce cost and improve end user experience. Like we've always had to sacrifice at least one of those if not two at a time. And so when those collaborate on that, you find that it picks up momentum and we almost lose track of why we're there because the original use case is now supported by five other use cases. And then we get to the point where, wait a second, I've got more control and capability with those endpoints than I do the rest of my company. How do we press out to that? And when we do, look at all the other tech we can retire, look at the simplicity we can bring. So it really is at this amazing moment where most these use cases are being delivered now and now it's the big expansion time.
Exactly. I, you know, and I love what you said about the CISO and the CIO partner on these projects because the use cases that are so popular in my group, they touch both, they serve both. And the collapsing of the stack is staggering, right? Because in security, you know, one of the, I love to, you know, share this story about platform. Platform was an ugly word for a long time because it meant locked in and expensive and a bunch of modules that you couldn't operationalize. And like it just felt wasteful. And now platform is back and the platform word is back because of complexity. The stack is too big. And I think of Island as a platform. You know, I'd love to talk about it as a platform because I define platform by the number of use cases you deliver. So you could be the biggest platform there is because you outnumber any use cases I see out there. Where do you see though your customers starting? Is there like a common use case that they start with before they, you know, take advantage of the whole platform?
