Theta Lake, a company that specializes in compliance and security solutions for collaboration platforms, on Wednesday announced raising $50 million in a Series B funding round.
The new investment, which brings the total raised by the Santa Barbara, CA-based startup to more than $70 million, was led by Battery Ventures, with participation from Lightspeed Venture Partners, Neotribe Ventures, Cisco Investments, RingCentral Ventures, Salesforce Ventures, and Zoom.
Theta Lake plans on using the money to fuel its expansion.
The company offers a product suite that provides compliance and security for collaboration platforms, including ones made by Cisco, Microsoft, Zoom, Slack and RingCentral.
The platform can capture and archive data from voice, video, and chat collaboration products, while also warning users of regulatory, security and privacy risks.
Theta Lake cites data from Gartner showing that, by 2025, 45% of regulated enterprise customers will conduct supervision of audio and video content to meet compliance requirements, and 35% of enterprise customers will archive workstream collaboration and meeting solutions for nonregulated requirements.
“Leveraging compliance and security to increase collaboration adoption is a compelling value proposition,” said Kira Makagon, chief innovation officer at RingCentral.
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