On Wednesday, Theta Lake, a provider of compliance and security solutions for collaborative platforms, announced a $50 million Series B fund raising round.
The round was headed by Battery Ventures, with participation from Lightspeed Venture Partners, Neotribe Ventures, Cisco Investments, RingCentral Ventures, Salesforce Ventures, and Zoom, bringing the total raised by the Santa Barbara, CA-based firm to more than $70 million.
The money will be used to fund Theta Lake’s growth.
Cisco, Microsoft, Zoom, Slack, and RingCentral are among the companies that offer a product package that provides compliance and security for collaboration platforms.
The platform can record and store data from audio, video, and chat collaboration tools, as well as alert users to regulatory, security, and privacy concerns.
According to Gartner statistics, 45 percent of regulated enterprise customers will undertake audio and video content supervision to meet compliance needs by 2025, while 35 percent of enterprise customers would archive workstream collaboration and meeting solutions for nonregulated requirements.
“A compelling value proposition is leveraging compliance and security to drive collaborative adoption,” said Kira Makagon, RingCentral’s chief innovation officer.
