AI-based security provider Theta Lake celebrates $12.7M Series A
Theta Lake, Inc., the recognized leader in modern collaboration security and compliance solutions for Cisco Webex, Microsoft Teams, RingCentral, Zoom and more, today announced that it has raised $12.7 million in Series A funding, bringing the company’s total funding to $20 million. Lightspeed Venture Partners led the round with participation by Cisco Investments, notable angel investors from the enterprise collaboration and security space, and previous investors Neotribe Ventures, Firebolt Ventures and WestWave Capital. Theta Lake will use the capital to invest in its patented and award-winning product, while increasing its service delivery capabilities for organizations to protect their data and employees while adhering to regulatory compliance requirements when using their collaboration tools from any physical location, device or network.
“The Theta Lake platform addresses our need to cover safety and compliance across multiple new communication tools with complete coverage for video, voice, chat and more. Their efficient and intuitive detection and review system is unlike anything we’ve been able to find in the market,” said the VP of end user technology for a Global 500 Bank.
Theta Lake’s security and compliance solution for modern collaboration platforms uses patented and multi-patent pending artificial intelligence (AI) to detect risks across video, visual, voice, chat and document content with seamless integrations into the leading video conferencing and collaboration tools. This helps organizations in all industry verticals address risks including data exposure, phishing, account compromise, acceptable use and regulatory compliance risks all while addressing archiving and supervision requirements.
As part of today’s announcement, Arif Janmohamed, Partner at Lightspeed Venture Partners, will join the Theta Lake Board of Directors. Combined with the existing investors, Lightspeed Venture Partners, Cisco Investments and its tier 1 angels, Theta Lake is positioned to extend its innovation and lead as the platform protecting the new distributed, collaboration-based workplace.
“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, organizations will need to protect that communication channel and meet compliance requirements. This means that every company needs Theta Lake.”
With the new remote and distributed work reality kicked off by the COVID-19 pandemic, multiple collaboration vendors are reporting exponential customer adoption and user growth. In fact, Research and Markets Collaboration Software Global Market Report 2020-30: COVID-19 Implications and Growth estimates the global software collaboration market will grow from $8.9 billion in 2019 to approximately $23 billion in 2020. That rapid growth and adoption creates immediate security and compliance challenges at massive scale.
This new $12.7 million in funding and support allows Theta Lake to move at the pace and scale necessary to address the market need. The round follows a seed round in January 2019 led by Neotribe Ventures, Firebolt Ventures and WestWave Capital and brings total company funding to $20 million. All of the existing seed investors also participated in the Series A because of the proven success, significant results and vision that Theta Lake has demonstrated thus far.
“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.”
“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.”