Conveyor: $12.5 Million Raised To Scale Customer Security Reviews

By Dan Anderson • Oct 17, 2023

Conveyor – a leading AI-powered platform that streamlines, automates, and scales customer security reviews – recently announced a $12.5 million Series A investment round led by Cervin Ventures. This funding round will support Conveyor’s growth, expand its team, and advance the company’s generative AI solution for accurately conveying a customer’s security posture in seconds instead of weeks.

In the business world, a security review thoroughly evaluates a potential vendor partner’s security and compliance. And this involves a detailed security questionnaire with hundreds of questions that vendors must complete, typically before negotiations can occur. This manual 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.

Enterprises have become increasingly aware of their exposure to information security risks from many business partners, not just SaaS providers. And law firms, manufacturing companies, healthcare providers, and other vendors are being vetted by their business partners for data security risks today.

Conveyor handles this costly obstacle by streamlining this tedious, manual process with its comprehensive security review automation platform. And its trust portal simplifies the exchange of security information, enabling vendors to easily and securely share documents and FAQs and showcase crucial security details. Plus, 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’s platform enables any vendor to instantly and accurately convey their security and compliance posture to any customer. And its solution relies on generative AI with a security and compliance trained LLM and has grown to support over a hundred vendors who benefit from a 91% reduction in time spent on security questionnaires and a 75% faster turnaround time for security reviews. So far, Conveyor’s AI has helped teams answer over 20,000 security questions and free up their full-time employees to take on more meaningful security activities. When the average security review could take up to four weeks to complete from end to end, Conveyor’s powerful AI automation software currently reduces that process to minutes.

KEY QUOTES:

“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. Most importantly, it allows vendors to accelerate their sales process and close deals faster.”

“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.”

— Chas Ballew, Conveyor Founder and CEO

“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. 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.”

— Daniel Karp, Cervin Ventures Partner