RegTech startup Theta Lake raises $5 million in seed funding
Theta Lake, a leader in compliance artificial intelligence (AI) for video, voice, and unified digital communication, today announced its first round of institutional funding and its industry recognition as a pioneer in the RegTech market.
After just its first year of operation, Theta Lake showcased successes, including groundbreaking partnerships with Zoom, Vidyard, Videolicious, and RingCentral as well as filing numerous patents for its compliance AI for digital communication monitoring and workflow. The result: Received $5 million in Series Seed funding led by Neotribe Ventures with Firebolt Ventures secured a spot on the RegTech 100 for 2019 for the world’s leading regulatory technology companies for the financial services industry Theta Lake’s platform uses AI to help compliance teams more effectively scale their compliance risk detection and workflow for supervising communication on modern video, voice, and unified collaboration systems. Theta Lake’s significant momentum and innovations in AI for compliance caught the attention of Neotribe Ventures when considering investment opportunities. “We were impressed by Theta Lake’s category defining product work around compliance for video and voice mediums as well as their innovations in compliance workflow using AI,” said Swaroop “Kittu” Kolluri, founder and managing director at Neotribe Ventures. “That, combined with an experienced and proven team of entrepreneurs, made this a clear investment choice for Neotribe. Theta Lake is a company with a clear, compelling vision and a solid path to get there.” Theta Lake will use the new investment to develop its platform and increase its market presence, including immediately hiring new team members for its California offices in Santa Barbara and San Mateo. “Theta Lake is passionate about transforming digital communication compliance to reduce risk and compliance costs,” said Devin Redmond, co-founder and CEO of Theta Lake. “We continue to be inspired that our experience-led innovation is being well-received by customers, partners, and investors. Our recent industry analyst recognition and inclusion in the RegTech 100 is a great reflection of our momentum.” The RegTech 100 list recognizes pioneering companies that are transforming compliance, risk management, and cybersecurity. 824 companies were considered, almost double the number on last year’s long list European and North American companies dominated the RegTech 100, with 60 percent and 29 percent of places, respectively 21 countries, including Ireland, Switzerland, Singapore, India and Luxembourg, had companies make the list for the first time FinTech Global analysts and industry experts recognized companies that demonstrated innovative use of technology to solve a significant industry problem, or to generate cost savings or efficiency improvements across the compliance function, according to Mariyan Dimitrov, head of research at RegTech Analyst. “The impact of the most innovative RegTech companies will be measured in billions of dollars over the next few years,” Mariyan Dimitrov said. “Theta Lake’s compliance AI for digital communication surveillance and monitoring stands out in the RegTech market.”