As the CEO and a co-founder, I am excited to announce on behalf of our entire team that Theta Lake has secured $12.7 million in a series A funding round, bringing our total company funding up to $20 million.

As the COVID-19 pandemic forced organization across all sectors to suddenly shift to remote work and virtual learning, the demand for video, voice and unified collaboration systems has skyrocketed. Analysts estimate the global software collaboration market will grow from $8.9 billion in 2019 to $23 billion by the end of 2020. At the same time, organizations are discovering that the increased usage of these collaboration platforms is introducing new security and compliance risks, for which they are unprepared. As one example, our 2020 Report on the State of Collaboration and Communication Compliance revealed that 68 percent of firms are only “somewhat” or “not very” prepared for the increased use of video.

The challenges around monitoring for, identifying and mitigating security and compliance risks is driving organizations to seek out our innovative solutions at record pace.  As of today, we have grown to already deliver our security and compliance platform for modern collaboration solutions including Cisco Webex, Microsoft Teams, RingCentral, Zoom and more to subscribing customers in over 4 countries across 3 continents.

This growing demand is a large part of why leading investors like Lightspeed Venture Partners and Cisco Investments, as well as numerous angel investors chose to join our Series A funding round and invest in our relevant, fast-growing company.

These new investors join our previous investors including Neotribe Ventures, who led our Series Seed round along with Firebolt Ventures and WestWave Capital, all of whom have also chosen to participate in our Series A round because of the proven success and significant results Theta Lake has achieved thus far. We’re thrilled that they recognize the innovative nature of our technology, the strong market need for our solutions, and the deep experience embodied in our leadership team, who will take us to the next level as an organization.

We’ll be using this funding to further advance our patented and award-winning platform, while also increasing its service capabilities and enhancing its renowned user experience and design interface. It will also be used to scale our business and expand into new geographic markets in order to meet the high demand around the globe for security and compliance solutions that address the unique risks associated with today’s modern video conferencing and collaboration platforms.

Today marks the start of a new era for Theta Lake and promises to accelerate our already rapid growth and previous successes – and we couldn’t be more excited!

Devin Redmond

Author Devin Redmond

Devin has more than 2 decades of experience in enterprise risk and compliance. The former CEO and Co-Founder of Nexgate, a pioneer in social and digital media compliance and security acquired by Proofpoint (PFPT) in 2014, he also held executive and leadership roles at Check Point, Neoteris, Websense, and more. In addition to living in 7 countries and speaking 3 languages, Devin is a frequent public speaker that is passionate about modern digital risk and compliance technology that helps businesses gain a competitive advantage.

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