Conveyor nabs $12.5m to transform vendor security checks with cutting-edge AI

Conveyor nabs $12.5m to transform vendor security checks with cutting-edge AI

Conveyor, described as the premier AI-powered platform that simplifies, automates, and magnifies customer security reviews, has made headlines with its recent investment news.

The company successfully secured a $12.5m Series A funding round, which saw leading participation from Cervin Ventures.

In our modern business landscape, a consistent factor in every B2B sale is the security review. This comprises an exhaustive security questionnaire, often encompassing hundreds of questions that vendors need to address even before sales negotiations commence. Unfortunately, the manual nature of this review can result in prolonged delays in the sales cycle.

Conveyor aims to tackle this challenge by automating this exhaustive, manual review through its all-encompassing security review automation platform. Its unique trust portal facilitates the seamless exchange of security details, permitting vendors to share vital security documents, FAQs, and other essential security facets effortlessly. Furthermore, the platform’s questionnaire software autonomously produces human-like answers, achieving an impressive accuracy rate of over 90% while pinpointing low-confidence responses for human inspection.

This fresh capital injection will bolster Conveyor’s expansion, grow its team, and further refine its pioneering generative AI solution. The primary aim is to present a customer’s security stance in mere seconds, a remarkable feat compared to the traditional weeks-long duration.

The essentiality of instilling trust regarding data security in today’s digital age cannot be stressed enough. With cyber-attacks impacting at least 54% of businesses annually, companies are now more than ever keenly aware of potential data security threats, not just from SaaS providers but a gamut of business associates. Conveyor’s innovative AI solution is poised to alleviate these concerns, ensuring quicker and more efficient security reviews.

Conveyor Founder and CEO Chas Ballew commented, “Conveyor automates what has previously been a manual, arduous, ‘light-your-hair-on-fire’ process. Ask anyone who has touched a security questionnaire – they are a notoriously painful and redundant activity which requires valuable employees’ time and will delay sales.

“Trust is paramount so while security reviews and proper due diligence are incredibly important, answering the same question 100 different ways is not. That’s why we built a sophisticated AI engine trained in security and compliance that auto-generates precise answers to entire questionnaires in seconds.”

Cervin Ventures Partner Daniel Karp added, “We are big believers in Conveyor as their team is uniquely positioned to eliminate the pain of security reviews. They understand the importance of the user experience and approach the problem through the lens of a cohesive platform centered around the vendor’s and buyer’s needs.”

Keep up with all the latest FinTech news here

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.