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.
“Cisco has a longstanding commitment to security and privacy by design, and we are excited to invest in Theta Lake because compliance and security for collaboration platforms is more important than ever,” said Abhay Kulkarni, vice president and general manager for Cisco Webex Meetings and Teams. “After seeing the integration in action, it was an easy decision for us to want to help Theta Lake grow and solve real customer problems.”
Theta Lake will use the cash injection to invest in its patented and award-winning product, while increasing its service delivery capabilities for organisations to protect their data and employees while adhering to regulatory compliance requirements when using their collaboration tools from any physical location, device or network.
Theta Lake’s security and compliance solution for modern collaboration platforms uses patented and multi-patent pending artificial intelligence to detect risks across video, visual, voice, chat and document content with seamless integrations into the leading video conferencing and collaboration tools.
By tapping into the company’s solutions, organisations can tackle risks such as data exposure, phishing, account compromise, acceptable use and regulatory compliance risks all while addressing archiving and supervision requirements.
Theta Lake’s leadership argued that the deal couldn’t have come at a better time, with the Covid-19 pandemic having forced many employers to embrace remote working and to use more collaboration tools.
“The need for security and compliance solutions that fully cover modern collaboration tools should be obvious to everyone,” said Devin Redmond, CEO and co-founder of Theta Lake. “That need pre-existed the pandemic, but now is more pressing than ever.”
“The shift from physical work sites and employer-owned networks with tightly managed devices and applications, to a distributed workplace that lives inside your collaboration tools means organizations need new security and compliance coverage that lives inside that new workplace. We built Theta Lake to protect any organization’s customers, data and employees in collaboration platforms in order to safely and compliantly unlock the value of this new communication stack.”