Conveyor uses AI to automate the painful process of vendor security reviews and RFPs with AI
Selling software to companies is such a time -consuming process. Even after customers are convinced that a product is suitable for their organization, they still have to ensure that the software meets all their security requirements.
Chas Ballew realized how painfully slow and annoying the supplier protection and the compliance assessment process was when he was suitable, a hosting platform for health care companies that he co-designed in 2013. “What we saw was that every time one of our customers tried to close a deal.
Filling in detailed questionnaires took weeks of software suppliers, and often delayed the original sales and contract innovations. In 2021, Ballew appropriately left to found conveyor belt, a startup that focuses on automating the long approval processes for customer security.
Shortly after the launch of Conveyor, OpenAi chatgpt introduced and seized the company to raise its product with AI. Although many companies remain careful with the use of AI software, the customers of conveyor belts embraced the idea of delegating The otherwise monotonous work on it.
“It is very unnecessary and repetitive,” Balew said about the security reviews. ‘[Customers] Don’t feel that it creates a lot of value, so they are very happy that AI Forms is filling in. “
According to Ballew, Conveyor was the first AI seller to be fully deployed in production environments in Zendesk, Atlassian and Qualtrics. The customer base of the startup also includes Carta, Netflix, Zapier and more than 400 other companies, says Conveyor.
Conveyor claims that the AI agent can fill in more than 90% of customer security questions, autonomously and accurately, can save customers for many hours and accelerate their sales process.
Building on its success in the security review, the startup is now introducing AI-driven automation for proposals for proposals (RFPs), which are often necessary components of each sales process. The expansion of the transport to automating RFPs is expected to attract a wave of new customers outside the technology sector, which considerably stimulates the appeal from the startup to investors.
The new product has contributed to attracting more financing: a series B of $ 20 million under the leadership of Signalfire with participation of Oregon Venture Fund and Cervin Ventures.
In many ways, the work that is carried out by conveyor belt is a perfect use case for AI because most people are afraid of doing it. Nevertheless, full AI automation of the process requires extensive guardrails.
“We keep everything very safe, very isolated for every customer, which is very important,” said Balew. “Companies want to ensure that their confidential data is only used to process their information and this is not exposed or mixed with someone else’s data.”
Conveyer is not only in tackling this lesser -known problem for sales teams. Other startups that develop software for RFPs and security questions are Loopio, Responsive and Rohirrim.
