We’re so proud to be able to announce Theta Lake’s $50 million series B funding round led by Battery Ventures and including new investors RingCentral Ventures, Salesforce Ventures, and Zoom Video Communications, Inc. This round also includes fresh investments from existing investors Lightspeed Venture Partners, Neotribe Ventures, and Cisco Investments, and brings our lifetime funding to just over $70 million.
As I reflect on when Rich and I founded the company in 2017, the commitment, certainty, and consistency of our mission continues to prove timelier and more necessary than ever. We started Theta Lake because we believed there was a need to modernize the communication compliance and security stack for the modern collaboration tools that increasingly dominate the workplace. By removing the inflexibility and high cost of legacy information archive storage models; using patented machine-learning to streamline search and supervision for risk and compliance teams; using patented AI design to ease adoption and usage; and extend the capabilities of compliance with security from reactive to proactive deterrence and remediation, we are paving the way for organizations across all industry verticals to build security and compliance into their collaboration-first workplace.
The COVID-19 pandemic and sudden shift to remote work only made our mission more urgent. As we move forward and hopefully get past the pandemic for good, we know that today’s generation of workers will always demand the usage of Zoom, Webex, RingCentral, Slack, Microsoft Teams, and more tools to connect, communicate and share information. After all, the adoption of modern communication tools has hit record levels - with 91% of companies using two to six tools1. That means organizations in every industry must now formalize the usage of those tools and upgrade the complementary infrastructure to support their users and tool set. The top priority in that new infrastructure should be a modern compliance and security toolset that can unlock the full power of the collaboration tools with the right guardrails regardless of the mix of tools.
While IT is under pressure from users to fully enable the powerful tools they’ve invested in, compliance and security teams rightfully exercise caution. That’s where Theta Lake comes in. We believe our modern platform approach is uniquely positioned to alleviate this tension and bring peace of mind to all stakeholders. In fact, our “100% would recommend” rating via Gartner Peer Insights2 from our rapidly growing global customer footprint often directly calls out how Theta Lake is “future ready” and keeps “employees connected while reducing risks” using modern communication tools. To read full review, click on the links.
Our platform was built for this moment. Literally. While legacy solutions often wedge these modern communications into older formats like email and text-only architectures while holding communication data hostage in their costly storage paradigms, Theta Lake was built directly into today’s most popular platforms. From Webex and Zoom, to Slack, RingCentral and Microsoft Teams, Theta Lake has robust archive connectors, built-in comprehensive compliant archiving options, and industry-unique bring-your-own storage options, along with full visual, audio, and electronic communication analysis. We complement these powerful communication tools by truly accounting for their nuances and covering capture, risk detection, proactive deterrence, remediation, redaction, and eDiscovery across what is shared, shown, spoken, and typed across video, visual, voice, file, email, chat content and more.
Our platform is now in use by organizations in verticals including Technology, Services, Manufacturing, Healthcare, Government, Financial Services, Banking, and more. These deployments span countries across the Americas, Australia, Europe, and the United Kingdom, highlighting how the challenges and needs are both global and extend beyond highly regulated verticals. We’re seeing customers across all industries looking to add guardrails for their workplace - whether it’s acceptable use & HR needs or security teams needing to fully protect against potential data exposure and insider risks in these new communication vectors.
This is the perfect time to accelerate Theta Lake’s market contribution - from the platform roadmap to more resources to support customers to expanded partnerships and sales teams. My team and I can’t wait to unlock all the expanded possibilities this funding will provide.
And we’re excited about our momentum - both as a company and an industry. We just wrapped up a record year and in addition to being issued seminal patents for our technology, Theta Lake was recognized as an honorable mention in the 2022 Gartner Magic Quadrant© for Enterprise Information Archiving3. And demand is growing fast. According to the “Strategic Planning Assumptions” for the 2022 Gartner Magic Quadrant™ for Enterprise Information Archiving “by 2025, 35% of enterprise customers will archive workstream collaboration and meeting solutions for nonregulated requirements, an increase of more than sevenfold from 2021.”
I want to express my sincerest thanks to our amazing employees, our terrific technology partners, and our committed customers. Without you this series B investment would never have been possible. You shared our vision and placed your trust in us early on, and for that I’m forever grateful. I look forward to working with each of you to continue to ensure you all have an excellent experience and we solve even more business challenges together.
Now it’s back to work for Theta Lake!
Read the full press release here: https://thetalake.com/theta-lake-series-b-funding/
1 Theta Lake 2021 Modern Communications Survey Report
2 As of March 21, 2022, Theta Lake has a “100% would recommend” rating in the Enterprise Information Archiving market, based on 13 reviews.”
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3 Gartner, Magic Quadrant for Enterprise Information Archiving, 2022, Michael Hoeck, Jeff Vogel, January 24, 2022.
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