Coverbase, the industry’s only security-first third-party AI procurement and risk platform, has secured $20m across its $16.5m Series A led by Canapi Ventures and a prior $3.5m seed led by Fika Ventures.
The new funding will fuel expansion into additional sectors and support scaling of its AI-driven procurement system.
Founded in 2024, Coverbase provides an AI-native procurement platform tailored to security-first and highly regulated enterprises, including Fortune 500 companies and major financial institutions. The company embeds risk, security and compliance checks into procurement decisions from the outset.
Its platform automates procurement processes such as vendor sourcing, intake, contract management and purchase order creation. Coverbase reports that customers are experiencing a 90–92% reduction in procurement workloads, equivalent to $180m in saved person-hours across more than 40 clients.
The company plans to expand into healthcare and pharmaceuticals and add new capabilities including spend analysis, contract intelligence and invoicing.
Clarence Chio, CEO and Co-founder of Coverbase, said, “Traditional procurement isn’t just broken, it’s actively hindering progress. Risk and compliance teams spend countless hours chasing paperwork instead of identifying and mitigating real threats, which slows innovation adoption while leaving critical risks that are being exploited regularly.
“With AI and agent-based automation, Coverbase is eliminating repetitive, low-value tasks, freeing businesses to focus on reducing risk and accelerating deployment of new technology innovations. We’re excited to partner with Canapi Ventures and tap into their expertise as we evolve our platform into a complete procurement orchestration system.”
Christelle Chau, VP of Security GRC at Okta, said, “Coverbase has been instrumental in transforming how we manage third-party risk. Their forward-thinking, AI-driven platform has streamlined and modernized our security oversight, allowing us to operate with greater efficiency and confidence.”
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