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Collaboration tool compliance experts Theta Lake has bagged $12.7m in a round led by Lightspeed Venture Partners as the coronavirus pandemic has seen demand for its services skyrocket.

“Theta Lake’s amazing innovations in AI-based risk detection applied to visual, voice, chat and file content in collaboration communications truly sets it apart as a communication security and compliance provider,” said Arif Janmohamed, partner at Lightspeed Venture Partners.

“With collaboration platform usage experiencing truly unprecedented adoption, organisations will need to protect that communication channel and meet compliance requirements. This means that every company needs Theta Lake.”

Janmohamed will join Theta Lake’s team as part of the deal, which brought the total raised by the RegTech startup to $20m.

Cisco Investments, notable angel investors from the enterprise collaboration and security space, and previous investors Neotribe Ventures, Firebolt Ventures and WestWave Capital also participated in the raise.

fintechglobal

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