Theta Lake, a provider of communications security and compliance solutions, has raised $50m in Series B funding led by Battery Ventures.
The round also included investments from existing investors Lightspeed Venture Partners, Neotribe Ventures and Cisco Investments, as well as new investments from RingCentral Ventures, Salesforce Ventures, and Zoom Video Communications. The round brings the company’s total funding raised to date to over $70m.
Theta Lake said it is helping organisations manage increasingly complex security and compliance issues across new video, voice, chat, and document platforms that are quickly augmenting or replacing older technologies, like traditional e-mail and intranets, as well as in-person meetings.
The company said this latest funding round is a validation that the workplace has become increasingly digital since the Covid-19 pandemic, and as such organisations need new tools to stay compliant and avoid damaging, outside cyber threats.
Devin Redmond, CEO and co-founder of Theta Lake, said, “We have seen tremendous adoption of our platform and it is inspiring to see customers using our solutions to unlock more collaboration and productivity for their end-users. Modern compliance and security should be a strategic enabler and we are proving that it can be.”
Dharmesh Thakker, a Battery Ventures general partner who is joining Theta Lake’s board, added, “Theta Lake’s proven, cloud-native technology is gaining traction in the market amid tectonic shifts in the way organisations work, both online and offline.
“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.”
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