Theta Lake, a compliance platform for audio and video communications, has closed its Seed funding round on $5m.
The capital injection was led by California-based venture capital firm Neotribe Ventures and supported by Firebolt Ventures, a fellow Californian VC.
Capital from the funding round will be used to develop its platform and grow its market presence, which includes the hiring of more staff members for its Santa Barbara and San Mateo offices.
Theta Lake has witnessed strong growth in its initial year of operation, having formed partnerships with Zoom, Vidyard, Videolicious, and RingCentral.
Its most recent partnership was with RingCentral and was established to enable regulated organisations, such as Financial Services and Insurance, to archive audio recordings, allowing them to comply with long-term regulatory retention requirements.
California-based Theta Lake leverages AI technology to help companies improve the communication compliance through risk detection. The platform helps to monitor communications made through video, voice and unified collaboration systems.
When conducting a video review process, it captures everything, such as the people, audio, and images. This information is then put through its AI and deep learning classifiers to identify any risky behaviour, making sure disclaimers are displayed or even the video diverts from a pre-agreed script.
Neotribe Ventures founder and managing director Swaroop Kolluri said, “We were impressed by Theta Lake’s category defining product work around compliance for video and voice mediums as well as their innovations in compliance workflow using AI.
“That, combined with an experienced and proven team of entrepreneurs, made this a clear investment choice for Neotribe. Theta Lake is a company with a clear, compelling vision and a solid path to get there.”
Last year, Theta Lake was hand-picked by a panel of analysts and industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2019.
Theta Lake co-founder and CEO Devin Redmond said, “Theta Lake is passionate about transforming digital communication compliance to reduce risk and compliance costs. We continue to be inspired that our experience-led innovation is being well-received by customers, partners, and investors.”
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