Conveyor Raises $12.5M Series A to Offload the Most Tedious Part of the Sales Process to Artificial Intelligence
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Generative AI-Powered Diligence Offering Accelerates Security Reviews from Four Weeks to a Few Hours
SAN FRANCISCO, October 11, 2023-- Conveyor, the leading AI-powered platform that streamlines, automates, and scales customer security reviews, today announced a $12.5M Series A investment round led by Cervin Ventures. The funding will be used to support Conveyor's growth, expand its team, and further advance the company's generative AI solution to accurately convey a customer's security posture in seconds instead of weeks.
In today's business world, an invisible but omnipresent thread weaves its way through every B2B sale: the security review, a thorough evaluation of a potential vendor partner's security and compliance. This involves a detailed security questionnaire with hundreds of questions that vendors must complete, typically before negotiations can even occur. The manual nature of this process leads to weeks or even months of delay in the sales cycle, and completing these questionnaires is often cited as the "worst job in cybersecurity."
Building trust with customers around data security has become a critical function in today's digital economy. The practice of conducting security due diligence on third party vendors has grown over the last decade as cyber attacks now happen to at least 54% of companies annually. Enterprises are increasingly aware of their exposure to information security risks from many business partners, not just SaaS providers. Law firms, manufacturing companies, healthcare providers, and all kinds of other vendors are being vetted by their business partners for data security risks today.
Conveyor confronts this costly obstacle by streamlining this tedious, manual process with its comprehensive security review automation platform. Its trust portal simplifies the exchange of security information, allowing vendors to easily and securely share documents, FAQs, and showcase crucial security details. Conveyor's questionnaire completion software automatically generates human-like responses to security questions in the original questionnaire format, achieving over 90% accuracy while identifying low-confidence responses for human review.
"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," said Chas Ballew, Conveyor Founder and CEO. "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. Most importantly, it allows vendors to accelerate their sales process and close deals faster."
Conveyor's platform allows any vendor to instantly and accurately convey their security and compliance posture to any customer. Its solution relies on generative AI with a security and compliance trained large language model (LLM) and has grown to support more than a hundred vendors who benefit from a 91% reduction in time spent on security questionnaires and a 75% faster turnaround time for security reviews. To date, Conveyor's AI has helped teams answer more than 20,000 security questions and free up their full-time employees to take on more meaningful security activities. When the average security review can take up to four weeks to complete from end to end, Conveyor's powerful AI automation software currently reduces that process to minutes.
"Conveyor embodies a perfect use-case for leveraging AI: a manual, text-based problem that requires too much human intervention. Conveyor's pioneering use of LLMs will ultimately eliminate this problem for sales and compliance teams worldwide," said Daniel Karp, Cervin Ventures Partner. "We are big believers in Conveyor as their team is uniquely positioned to eliminate the pain of security reviews. Conveyor's team felt this exact pain in their past company's SaaS sales processes. 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. In getting to know the culture of the team, their vision for the compliance space and their technology, it became quite clear why a roster of existing customers like Carta, Lucid Software, and Freshworks, leverage Conveyor's platform to build trust with customers and expedite the sales process."
Ballew continued, "completing security reviews was once just for a few of the largest cloud software providers. Now it has become a key sales capability across a multitude of sectors, including law firms, insurance companies, consulting firms, and more. Every kind of business that sells to large customers is having to formally explain how it protects customer data during the sales process. Our AI helps vendors convey how they protect customer data while freeing up critical employees to work on what matters. Further out, we see a future with instant cybersecurity risk assessments for both the vendor and the customer. A future where evaluating a vendor is as easy as it is today to tap your phone at checkout to pay for your groceries."
Conveyor is the leading generative AI-powered platform that automates and scales the most tedious part of the sales process: customer security reviews. Trusted by the world's top SaaS companies, Conveyor helps vendors build trust with customers while reducing the time spent on the mind-numbing task of sharing security information and answering security questionnaires by over 90%. Through the combination of its automated security questionnaire completion software and its trust portal, which allows documents and security information to be shared easily and securely, Conveyor ultimately helps vendors close sales faster. Conveyor's lean team has deep and extensive collective experience in security and compliance. For more information, visit https://www.conveyor.com and follow us on LinkedIn.