Collaboration Security and Compliance Chief Theta Lake Raises $12.7 Million In Collection A Funding, Led by Lightspeed Enterprise Partners
SANTA BARBARA, Calif.–(Small business WIRE)–Theta Lake, Inc., the acknowledged leader in contemporary collaboration protection and compliance answers for Cisco Webex, Microsoft Groups, RingCentral, Zoom and extra, nowadays announced that it has lifted $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, noteworthy angel traders from the organization collaboration and safety area, and former investors Neotribe Ventures, Firebolt Ventures and WestWave Capital. Theta Lake will use the capital to devote in its patented and award-winning solution, when raising its provider supply abilities for businesses to guard their facts and workers though adhering to regulatory compliance needs when working with their collaboration applications from any bodily place, unit or network.
“The Theta Lake system addresses our will need to cover security and compliance across a number of new conversation resources with complete coverage for video, voice, chat and more. Their successful and intuitive detection and overview system is contrary to everything we have been able to find in the sector,” reported the VP of Conclude Person Engineering for a World wide 500 Financial institution.
Theta Lake’s security and compliance remedy for present day collaboration platforms works by using patented and multi-patent pending synthetic intelligence (AI) to detect dangers across online video, visual, voice, chat and doc information with seamless integrations into the primary movie conferencing and collaboration tools. This helps corporations in all industry verticals tackle hazards such as data exposure, phishing, account compromise, satisfactory use and regulatory compliance dangers all though addressing archiving and supervision requirements.
As element of today’s announcement, Arif Janmohamed, Associate at Lightspeed Enterprise Partners, will be a part of the Theta Lake Board of Administrators. Combined with the present investors, Lightspeed Venture Associates, Cisco Investments and its tier 1 angels, Theta Lake is positioned to lengthen its innovation and direct as the platform guarding the new dispersed, collaboration-primarily based office.
“Theta Lake’s remarkable improvements in AI-based chance detection applied to visible, voice, chat and file written content in collaboration communications definitely sets it apart as a communication security and compliance supplier,” explained Arif Janmohamed, spouse at Lightspeed Enterprise Companions. “With collaboration system usage enduring genuinely unparalleled adoption, organizations will have to have to protect that conversation channel and fulfill compliance specifications. This suggests that every company requirements Theta Lake.”
With the new distant and dispersed work reality kicked off by the COVID-19 pandemic, multiple collaboration vendors are reporting exponential consumer adoption and person growth. In simple fact, Study and Markets “Collaboration Program Worldwide Marketplace Report 2020-30: COVID-19 Implications and Growth” estimates the world software collaboration market will grow from $8.9 billion in 2019 to somewhere around $23 billion in 2020. That quick expansion and adoption produces rapid stability and compliance issues at huge scale.
“Cisco has a longstanding determination to stability and privacy by design, and we are enthusiastic to commit in Theta Lake for the reason that compliance and safety for collaboration platforms is a lot more significant than ever,” mentioned Abhay Kulkarni, vice president and common manager for Cisco Webex Meetings and Groups. “After seeing the integration in motion, it was an simple conclusion for us to want to support Theta Lake increase and solve genuine consumer difficulties.”
This new $12.7 million in funding and assistance makes it possible for Theta Lake to go at the pace and scale vital to address the sector need. The round follows a seed spherical in January 2019 led by Neotribe Ventures, Firebolt Ventures and WestWave Cash and brings full firm funding to $20 million. All of the present seed buyers also participated in the Sequence A because of the demonstrated good results, substantial success and eyesight that Theta Lake has shown thus considerably.
“The require for security and compliance remedies that completely protect contemporary collaboration applications ought to be apparent to absolutely everyone,” said Devin Redmond, CEO and Co-founder of Theta Lake. “That want pre-existed the pandemic, but now is additional pressing than ever. The change from physical get the job done websites and employer-owned networks with tightly managed devices and applications, to a distributed workplace that life inside your collaboration instruments implies businesses require new protection and compliance coverage that life inside of that new office. We built Theta Lake to defend any organization’s consumers, information and workers in collaboration platforms in order to safely and securely and compliantly unlock the benefit of this new communication stack.”
Shoppers across various continents and field verticals leverage Theta Lake’s vital capabilities such as:
To learn much more about the Series A funding and Theta Lake’s long run designs, go to: https://thetalake.com/theta-lake-secures-sequence-a-funding/.
About Theta Lake
Theta Lake, Inc., twin winner of UC Today’s 2020 Very best Compliance Product or service and Most effective Security Merchandise, was launched in 2017 by tested business people and organization technologists with decades of management experience and recognition from World 100 consumers and top market analysts. With a mission to offer modern day collaboration security and compliance, Theta Lake’s patented and multi-patent pending AI allows protection and compliance groups additional correctly and rapidly scale their hazard detection and the workflows for communication safety, data loss protection, and supervision of modern-day video clip, voice, and unified collaboration systems. The Theta Lake Compliance Suite is SOC 2, Form 2 compliant. Take a look at us at ThetaLake.com LinkedIn or Twitter at @thetalake.