Wednesday, March 23, 2022
Two Santa Barbara software companies announced Series B rounds of funding on March 23, each of about $50 million.
MixMode, a cyber defense company, raised $45m in Series B funding, led by PSG, a growth capital firm partnering with middle-market software and technology services companies, with additional participation from existing investor, Santa Barbara-based Entrada Ventures.
Theta Lake also announced its capital raise on March 23, a $50 million Series B funding round led by Battery Ventures. The round also includes investments from notable companies such as Cisco, Salesforce and Zoom.
In total, Theta, a video analytics and compliance software company, raised $70 million.
MixMode provides an automated, AI-powered, self-learning platform that helps customers protect their networks against some of the most advanced cyberattacks. Its customers are large enterprises with big data environments, MixMode said in a press release.
The company plans to use the new funding to expand its AI capabilities, grow its business footprint and extend its channel reach.
“As successful cyberattacks have accelerated in number and scale, there is growing recognition that legacy cybersecurity platforms miss the majority of attacks,” MixMode CEO John Keister said in the statement. Press. “MixMode helps organizations understand and manage all of their risks as their data volume continues to grow. … We are fortunate to work with PSG and have aligned ourselves with the size of this opportunity. We are in the first leg of a transformation from rule-based security programs to true self-learning security programs.
Theta Lake helps organizations manage security and compliance issues on new video, voice, chat, and other platforms that are replacing older or outdated meeting technologies.
The latest round of funding is validation that the workplace has become increasingly digital since the COVID-19 pandemic, and organizations need new tools to stay compliant and avoid damage from outside cyberthreats, said Theta Lake in its press release.
“We’ve seen tremendous adoption of our platform and it’s inspiring to see customers using our solutions to unlock more collaboration and productivity for their end users,” Theta Lake CEO Devin Redmond said in Theta Lake. company statement. “Modern compliance and security should be a strategic enabler and we are proving it can be.”