Conveyor, the leading AI-powered platform that streamlines, automates, and scales customer security reviews, 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.
SOURCE: PRNewswire