Lightspeed Venture Partners Invests in Theta Lake - $12.7M

Theta Lake, a company specializing in compliance and security solutions for popular conferencing platforms such as Cisco Webex, Microsoft Teams, RingCentral, Zoom, and others, has announced a new funding round totaling $12.7 million.

Lightspeed Venture Partners spearheaded this investment, with additional participation from Cisco Investments, individual investors focused on collaboration and security technologies, and existing investors including Neotribe Ventures, Firebolt Ventures, and WestWave Capital, as stated by the company.

This financial boost for Theta Lake arrives during a period of significantly increased demand for remote work conferencing technologies, driven by the COVID-19 pandemic – and the associated need for secure communication services.

According to a report by Research and Markets referenced by the company, the relevant market is projected to expand from $8.9 billion in 2019 to $23 billion by the close of the current year.

Theta Lake indicated that the newly acquired funds will be allocated to strengthening its sales and marketing operations, as well as to furthering research and development efforts focused on innovative product enhancements, according to a company release. 

The company’s existing technology leverages machine learning to identify potential security threats within video, visual, voice, chat, and document content shared through video and collaboration applications.

Following this investment, Arif Janmohamed, a partner at Lightspeed Venture Partners, will be appointed to Theta Lake’s board of directors, the company confirmed. 

“The requirement for robust security and compliance solutions that comprehensively address modern collaboration tools should be readily apparent to all,” commented Devin Redmond, co-founder and CEO of Theta Lake, in a statement. “This necessity existed prior to the pandemic, but is now more critical than ever. The transition from traditional office environments and employer-managed networks with controlled devices and applications, to a dispersed workforce operating within collaboration tools, necessitates new security and compliance measures integrated into this evolving workspace.”