Theta Lake, a cloud-based compliance and security platform for collaboration applications like Zoom and Slack, has raised a $50M Series B led by Battery Ventures. The funding will enable the company to accelerate growth and further its mission of helping teams ensure secure collaboration across multiple platforms.
Background on Theta Lake
Theta Lake is an AI-driven platform that provides teams with a comprehensive solution to ensure regulatory compliance across cloud-based collaboration applications like Zoom, Slack, Microsoft Teams, and G Suite.
Founded in 2018 by John Heggestuen, Theta Lake enables companies to rapidly detect sensitive information shared through these applications while also providing the necessary tools to remain compliant with various regulations such as HIPAA or GDPR.
Kyle Alspach of VentureBeat reports that the round was led by Battery Ventures with participation from existing investors including ClearSky Security, DNX Ventures, Felicis Ventures, and Freestyle Capital as well as new investors such as Cornerstone Partners Group. In total Theta Lake has raised more than $80 million since its inception in 2018.
Benefits of Theta Lake’s Platform
The main benefit of using Theta Lake’s platform is its ability to maintain compliance across these popular collaboration platforms while streamlining processes for organizations.
With Theta Lake’s AI-driven system users can quickly identify sensitive content without needing additional personnel or security resources. This allows companies to focus their efforts on other areas while still adhering to various regulations and keeping internal communications secure at all times.
Future Plans and Goals
John Heggestuen, CEO at Theta Lake commented on the new funding saying “At the outset of the pandemic when most people were just getting comfortable working remotely our team made it our mission to help ensure that teams had a secure platform they could trust.
This round will allow us to continue developing our technology so we can offer even better insights into how customers are using collaboration tools within their organization”.
Conclusion
It’s clear that companies need reliable solutions for maintaining compliance across multiple collaboration applications in order for them to be successful in this changing world.
With this latest investment from Battery Ventures, it appears that Theta Lake is positioned perfectly to fill this gap in the market and provide a comprehensive solution for organizations looking to keep their communications safe and secure no matter what platform they’re using.
