Automate Vendor Security Reviews & RFPs with AI | Conveyor

The Challenges of Software Sales and Security Compliance

The process of selling software to businesses can be remarkably lengthy. Even when potential clients recognize the value of a product, a crucial step remains: verifying that the software adheres to all necessary security protocols.

The Pain Point of Vendor Security Reviews

Chas Ballew experienced firsthand the inefficiencies of vendor security and compliance reviews during his time as co-founder of Aptible, a healthcare hosting platform established in 2013. He noted that customers consistently had to repeatedly detail their security and compliance measures to prospective clients, as he explained to TechCrunch.

Completing these comprehensive questionnaires often consumed weeks of a software vendor’s time, frequently causing delays in both initial sales and contract renewals.

Conveyor: Automating Security Approvals

In 2021, Ballew departed from Aptible to establish Conveyor, a company focused on automating these protracted customer security approval procedures.

The introduction of OpenAI’s ChatGPT shortly after Conveyor’s launch presented a significant opportunity. The company quickly integrated AI to enhance its product’s capabilities.

Despite some enterprise hesitation regarding AI adoption, Conveyor’s clientele readily embraced the idea of automating this traditionally tedious task.

AI for Repetitive Tasks

Ballew described the security reviews as “very redundant and repetitive.” He further stated that customers generally do not perceive significant value in this work, making them receptive to utilizing AI for completing compliance forms.

Conveyor distinguished itself as the first AI vendor to be fully implemented in production environments at companies like Zendesk, Atlassian, and Qualtrics. Its customer roster also includes prominent names such as Carta, Netflix, and Zapier, alongside over 400 other organizations.

Significant Time Savings with AI

Conveyor asserts that its AI agent can autonomously and accurately complete over 90% of customer security questionnaires, resulting in substantial time savings and an accelerated sales cycle.

Expanding into RFP Automation

Leveraging its success in security review automation, Conveyor is now extending its AI-powered solutions to requests for proposals (RFPs), a common requirement in many sales processes. This expansion is anticipated to attract new customers from diverse sectors, thereby increasing the startup’s investment appeal.

Recent Funding and Growth

This product expansion has facilitated additional funding for Conveyor, including a $20 million Series B round led by SignalFire, with contributions from Oregon Venture Fund and Cervin Ventures.

The Ideal Application for AI

The tasks undertaken by Conveyor represent an ideal application for AI, as they are often considered undesirable by human workers. However, complete automation necessitates robust security measures.

“We maintain strict security and isolation for each customer, which is paramount,” Ballew emphasized. “Businesses need assurance that their confidential data is exclusively used for processing their information and remains protected from exposure or commingling with other data.”

Competition in the Space

Conveyor is not the sole player addressing this often-overlooked challenge for sales teams. Other startups offering software for RFPs and security questionnaires include Loopio, Responsive, and Rohirrim.