November 26, 2022
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Two Santa Barbara tech firms raise combined $95M in venture capital

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Two Santa Barbara software companies announced Series B Funding rounds on March 23, each in the neighborhood of $50 million.

MixMode, a cyber defense company, raised $45 million in Series B funding, led by PSG, a growth equity firm partnering with middle-market software and technology-enabled service companies, with additional participation from an 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, has raised $70 million.

MixMode delivers an automated, artificial intelligence self-learning platform that helps clients protect their networks against some of the most advanced cyberattacks. Its clients are large enterprises with big data environments, MixMode said in a news release.

The company plans to use the new funding to further expand its AI capabilities, build out its sales footprint and grow its channel reach.

“As successful cyberattacks have accelerated in both number and scale, there is a growing acceptance that legacy cybersecurity platforms are missing the majority of attacks,” MixMode CEO John Keister said in the news release. “MixMode helps organizations understand and address the full scope of their risks as their data volume continues to expand. …  We are fortunate to be working with PSG and we are aligned on the size of this opportunity. We are in the first inning of a transformation from rules-based security programs to true self-learning security programs.”

Theta Lake helps organizations manage security and compliance issues across new video, voice, chat, and other platforms that are replacing older or outdated meeting technology.

The latest funding round is a validation that the workplace has become increasingly digital since the COVID-19 pandemic, and organizations need new tools to stay compliant and avoid damaging outside cyber threats, Theta Lake said in its news release.

“We have seen tremendous adoption of our platform and it is inspiring to see customers using our solutions to unlock more collaboration and productivity for their end users,” Theta Lake CEO Devin Redmond said in the company release. “Modern compliance and security should be a strategic enabler and we are proving that it can be.”