Compliance and security startup Theta Lake Inc. 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.
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 seamless, certified integrations and partnerships with the leading unified communication, video-meeting, asynchronous video and collaboration suites. Those integrations include Webex by Cisco, Microsoft 365 and Teams, RingCentral, Salesforce, Symphony, Verint, Vidyard, Zoom and others.
The company offers an agnostic platform that services customers across verticals, including financial services, the public sector, healthcare, technology and others to “unlock the collaboration-first workplace.” Theta Lake says that 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, Theta Lake addresses compliance gaps and blockers with full arching and 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 and it is inspiring to see customers using our solutions to unlock more collaboration and productivity for their end-users.”
Including the new funding, Theta Lake has raised over $70 million to date.
Image: Theta Lake
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