Theta Lake, a provider of compliance and security tools for conferencing software like Cisco Webex, Microsoft Teams, RingCentral, Zoom and others, said it has raised $12.7 million in a new round of funding.
Lightspeed Venture Partners led the round with commitments from Cisco Investments, angel investors from the collaboration and security space, and previous investors, Neotribe Ventures, Firebolt Ventures and WestWave Capital, the company said.
The company’s financing comes as the COVID-19 pandemic has created a surge of demand for remote work conferencing technologies — and services that can ensure the security of those communications.
Citing a Research and Markets report, the company estimates that the market will grow from $8.9 billion in 2019 to $23 billion by the end of this year.
Theta Lake said that the funding would be used to increase its sales and marketing capabilities and for research and development on new product features, according to a statement.
The company’s tech already uses machine learning to detect security risks in video, visual, voice, chat and document content shared over video and collaboration tools.
As a result of its investment, Arif Janmohamed, a partner at Lightspeed Venture Partners, will join the Theta Lake Board of Directors, the company said.
“The need for security and compliance solutions that fully cover modern collaboration tools should be obvious to everyone,” said Devin Redmond, Theta Lake’s co-founder and chief executive, in a statement. “That need pre-existed the pandemic, but now is more pressing than ever. The shift from physical work sites and employer-owned networks with tightly managed devices and applications, to a distributed workplace that lives inside your collaboration tools means organizations need new security and compliance coverage that lives inside that new workplace.”