Compliance and security startup Theta Lake Inc. announced today that it has raised $50 million in new funding to accelerate its commercial expansion.
Battery Ventures led the Series B round, with Lightspeed Venture Partners, Neotribe Ventures, Cisco Investments, RingCentral Ventures, Salesforce Ventures and Zoom Video Communications Inc. also participating. Including the new funding, The company has raised more than $70 million to date.
Founded in 2017, Theta Lake pitches itself as assisting organizations in managing increasingly complex security and compliance issues across video, voice, chat and document platforms that are quickly augmenting or replacing older technologies.
Theta Lake’s technology leverages machine and deep learning, natural language processing and enhanced user experience to capture, archive, detect and surface risks across video, visual, voice, chat, document and email content. The platform includes certified integrations and partnerships with the leading unified communications, video-meeting, asynchronous video and collaboration suites. Those integrations include Webex by Cisco, Microsoft 365 and Teams, RingCentral, Salesforce, Symphony, Verint, Vidyard and Zoom.
The company offers an agnostic platform that services customers across verticals, including financial services, the public sector, healthcare and technology, to “unlock the collaboration-first workplace.” Theta Lake says it increases the efficiency and effectiveness of compliance and risk teams by adding advanced security and compliance coverage across what is shared, shown, spoken and typed.
With Chat, the company addresses compliance gaps and blockers with full integration, native viewing and supervision for chat channels. With video, the service removes key compliance inhibitors and helps risk management and compliance teams integrate video into their communication compliance program.
For voice, Theta Lake offers a purpose-built compliance suite that makes the review of call recordings easier, fast and more accurate. With deep learning and compliance using artificial intelligence, compliance teams can automate policy risk detection and manage workflow for potential regulatory and compliance risks.
“At Theta Lake, we are rearchitecting compliance with integrated security for the modern communication and information sharing platforms of today’s workforce,” Devin Redmond, chief executive officer and co-founder of Theta Lake, said in a statement. “We have seen tremendous adoption of our platform.”