Theta Lake, a compliance and communication security startup, has raised USD 50 million in a Series B funding round led by Battery Ventures, with participation from existing investors such as Lightspeed Venture Partners and Cisco Investments and new investors including Salesforce Ventures and Zoom Video Communications. Theta Lake’s total funding now stands at more than USD 70 million.
The funds will be utilized to accelerate its commercial expansion and triple its customer base and revenue over the next 12 to 18 months.
Theta Lake currently has an employee headcount of 64 and plans to expand this to more than 100 by 2022. The company also counts more than 50 customers (75% in financial services) such as Wells Fargo, TD Securities, Advisor Group, Longview Partners, Attivo Group, Reeves Independent, and Tupicoffs. The company has more than 40 integrations with collaboration and unified communications platforms such as Zoom, Microsoft Teams, and Slack.
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