Conveyor Raises $20M to Revolutionize Vendor Security Reviews and RFPs with AI Automation

AI-Powered Revolution in Vendor Security Reviews and RFPs

Conveyor, a startup founded by Chas Ballew in 2021, has successfully raised $20 million in Series B funding to further develop its AI-powered solution for automating vendor security reviews and requests for proposals (RFPs). The funding round was led by SignalFire, with participation from Oregon Venture Fund and Cervin Ventures 1

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Addressing a Time-Consuming Challenge

The process of selling software to companies often involves lengthy security reviews and compliance checks, which can significantly delay sales and contract renewals. Ballew, who previously co-founded Aptible, a hosting platform for healthcare companies, experienced this pain point firsthand 1

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"What we saw was that every time one of our customers was trying to close a deal, they would have to explain all of their security and compliance practices over and over again to their customer," Ballew told TechCrunch 1

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AI-Powered Solution

Conveyor's AI agents, including "Sue" for security reviews and "Phil" for RFP responses, can autonomously complete over 90% of customer security questions with high accuracy. This automation saves customers significant time and accelerates the sales process 1

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The company's solutions have already gained traction in the market:

• Over 480 customers, including Zendesk, Atlassian, Qualtrics, Workday, Netflix, and Zapier
• Answered more than 1 million questions
• Enabled over 800,000 Trust Center interactions 1

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Expanding Beyond Tech

While initially focused on the technology sector, Conveyor's expansion into automating RFPs is expected to attract customers from various industries. This broadened appeal has contributed to the startup's success in securing additional funding 1

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Ensuring Data Security and Privacy

Despite the extensive use of AI, Conveyor emphasizes the importance of data security and privacy. Ballew stated, "We keep everything very secure, very isolated for each customer, which is very important. Companies want to make sure that their confidential data is only used to process their information and it's not exposed or mixed in with anyone else's data" 1

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Future Plans and Industry Impact

With the new funding, Conveyor plans to:

1. Scale its AI research and engineering teams
2. Expand go-to-market initiatives
3. Pursue its long-term goal of building a trust layer for interactions between buyers' and sellers' AI agents 2

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Tony Pezzullo, principal at SignalFire, praised Conveyor's vision: "Their vision enables the first platform for agent-to-agent communication in customer trust workflows; building the canonical interface for RFPs, security questionnaires and eventually all high-fidelity customer-facing knowledge base queries" 2

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Competition and Market Potential

While Conveyor is making significant strides in this space, it's not alone. Other startups addressing similar challenges include Loopio, Responsive, and Rohirrim 1

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. The potential for AI to transform B2B operations is substantial, with implications for speed, efficiency, and bottom-line results 2

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As AI continues to evolve, its application in automating complex business processes is likely to expand further, potentially reshaping how enterprises handle trust-related workflows and communication between AI agents.