Location-independent working is now normalised for enterprises in every industry and continent, the initial existential struggles of collaborating effectively are moving to more strategic conversations — ensuring that all communication and information sharing takes place in a secure and sustainable way, compliant with regulatory and legal frameworks. Consumers and businesses are continuing to enjoy the efficiencies, convenience, and socially-safe benefits that online interactions offer, but one-to-one interactions, often from a domestic location, can create a false sense of both privacy and security — which must be met with the right technology to supervise and protect the interaction.
The new raise by Theta Lake — dual winner of Best Compliance Product and Best Security Product in UC Today's UC Awards 2020, and a market leader in collaboration and compliance solutions for Cisco Webex, Microsoft Teams, RingCentral, Zoom and more — sees them secure $12.7 million in Series A funding through investment led by Lightspeed Venture Partners, Cisco, and a slew of angel investors, bringing their total funding to $20 million.
“Cisco has a longstanding commitment to security and privacy by design, and we are excited to invest in Theta Lake because compliance and security for collaboration platforms is more important than ever,” said Abhay Kulkarni, Vice President and General Manager for Cisco Webex Meetings and Teams. “After seeing the integration in action, it was an easy decision for us to want to help Theta Lake grow and solve real customer problems.”
With the global growth for collaboration software anticipated by Research and Markets to expand from $8.9 billion in 2019 to approximately $23 billion in 2020, ensuring that employees are safely, securely, and compliantly using these rich information sharing platforms, such as video conferencing and collaboration chat, has never been more important. Theta Lake is empowering enterprises to manage compliance, data exposure, security, and acceptable use risks in what is shared, shown, spoken, and typed during collaboration sessions.
Expanding compliance and supervision to new areas
The new financing for Theta Lake, which follows seed funding in 2018, will enable them to scale up fast to meet this growing market need.
We spoke to Devin Redmond, CEO and Co-Founder of Theta Lake (pictured, above), who explained that the “growing demand for our innovative compliance and security solutions can be demonstrated by our customers across 4 countries as well as the rapidly growing engagements across Financial Services, Healthcare, Education, and broader Enterprise. This growing demand is a large part of why leading investors like Lightspeed Venture Partners and Cisco Investments chose to join our Series A funding round and invest in our relevant, fast-growing company.
“Theta Lake will invest in further advancing our patented and award-winning platform, while also increasing its service capabilities and enhancing its renowned user experience and design interface. It will also be used to scale our business and expand into new geographic markets in order to meet the high demand around the globe for security and compliance solutions that address the unique risks associated with today’s modern video conferencing and collaboration platforms.”
