Zoom, Salesforce Among Companies Backing Theta Lake with $50 Million in Funding

ENTERPRISE CONNECT — Theta Lake has garnered $50 million in Series B funding in a round led by Battery Ventures. The company is a unified communication security and compliance solutions provider.

The funding round also includes investments from existing investors such as Lightspeed Venture Partners, Neotribe Ventures and Cisco Investments. New investments from RingCentral Ventures, Salesforce Ventures and Zoom are also in the mix. Theta Lake’s total funding to date is over $70 million.

The company announced the funding in conjunction with Enterprise Connect in Orlando, Florida, where it is exhibiting.

Theta Lake says it increasingly helps organizations manage increasingly complex security and compliance issues. This is across new video, voice, chat and document platforms that are quickly augmenting or replacing older technologies, like traditional email and intranets, as well as in-person meetings. The latest funding round is a validation that the workplace has become increasingly digital since the COVID-19 pandemic. Organizations need new tools to stay compliant and avoid damaging outside cyber threats.

Avoiding Regulatory Missteps

Dharmesh Thakker is a Battery Ventures general partner joining Theta Lake’s board.

Battery Ventures’ Dharmesh Thakker

“Theta Lake’s proven, cloud-native technology is gaining traction in the market amid tectonic shifts in the way organizations work, both online and offline,” Thakker said. “The company’s value proposition is clear. Its technology helps customers avoid costly regulatory missteps and potentially devastating data breaches — mistakes and threats that might not be caught with legacy, email-centric security and compliance technologies. I am so impressed with the Theta Lake team and look forward to helping them continue to scale, and to execute on its broader vision.”

Devin Redmond is CEO and co-founder of Theta Lake. He said the company is redesigning compliance with integrated security for modern communication and information sharing platforms.

“We have seen tremendous adoption of our platform. It is inspiring to see customers using our solutions to unlock more collaboration and productivity for their end-users,” Redmond said. “Modern compliance and security should be a strategic enabler — and we are proving that it can be. The addition of Battery Ventures, along with so many of our strategic integration partners, coupled with our existing investors, will drive our ability to innovate and deliver value to our customers at even a more global scale.”

Industry-Agnostic Platform

Theta Lake’s technology and design leverages patented machine and deep learning, natural-language processing and enhanced user experience. These capture, archive, detect and surface risks across video, visual, voice, chat, document and email content. This includes seamless, truly certified integrations and partnerships with the industry’s prominent unified-communication, video-meeting, asynchronous-video, and collaboration suites. These include Webex by Cisco, Microsoft 365 and Teams, RingCentral, Salesforce, Symphony, Verint, Vidyard, Zoom, and others.

Theta Lake has an industry-agnostic platform, serving customers across several verticals to unlock the “collaboration-first workplace.” By adding advanced security and compliance coverage, Theta Lake increases the efficiency and effectiveness of compliance and risk teams. In the process, it reduces the cost of security and compliance, the company said.

With the industry’s first patent for risk detection in video communication, Theta Lake is built for the world of video, voice, and workstream collaboration with partner integrations and now, strategic investments from many of the key leaders in video meetings and workstream collaboration.

Enterprise Connect is part of the Informa Tech portfolio of live events and digital platforms. it is operated by Informa, the parent company of Channel Futures.