Hello Everyone,
I’m incredibly excited to share some big news: Conveyor has raised a $12.5M Series A, led by Cervin Ventures!
If you’re a Conveyor customer, this means we’ll be doubling down on the great products you’re using today, and bringing you even more innovative new ones soon!
Whether you’re a current customer, a potential customer, or a potential future Conveyor team member, I wanted to take this opportunity to share with you the essence of our vision, more on our product, and the spirit of our culture that are driving us forward.
Our Vision: Instant, Global Trust
Someday soon, we are going to have a global infrastructure for instant, frictionless, perfect trust building between any two companies. Like we have Visa, or PayPal, or the SWIFT banking system in finance, except for building data security and compliance trust between vendors and their customers.
Cloud computing and the Internet have transformed huge swaths of the global economy over the last thirty years. Gartner estimates that worldwide public cloud end-user spending will reach nearly $600B this year, and is still growing 20%+ year over year.
All of that growth is only possible when companies can trust each other, and being able to prove to your customers and clients that they can trust you is becoming an essential capability for every company that wants to grow in the modern economy.
Enterprises and governments are increasingly understanding that every vendor they do business with that uses cloud software can expose them to security and compliance risks, not just the tech firms that make and sell cloud software.
As more of the economy goes online, we’re seeing companies in all kinds of old-fashioned industries get questioned about their security posture: we see law firms getting questions from their large corporate clients about their IT and security practices; we see manufacturers getting asked about their exposure to ransomware and business continuity disruptions; benefits managers, printing companies, entertainment and media firms, on and on across all verticals.
But the way companies build security and compliance trust with their customers today is deeply broken.
Large customers often have long, complex custom security questionnaires in spreadsheets or online portals. The sales incentives are for vendors to fill them out, but they’re a massive headache and extremely time consuming. We’ve heard Conveyor users call it the “worst job in (cyber)security,” over and over. With smaller customers, vendors try to push back and offer pre packaged materials, but even that takes manual back-and-forth when NDAs and confidential security materials are exchanged. All of this slows down sales cycles.
So, to recap:
1. There’s a massive shift pushing every company to use the cloud and ask their vendors about their IT and data security risk posture, so
2. Building trust is increasingly critical to fueling growth, but
3. It’s extremely repetitive, painful, slow, and expensive
When you put it like that, it seems inevitable that in the next few years, we’ll develop better infrastructure to unlock growth with way less friction and pain. The problem is too big, too painful, and too much along the critical path for growth to not get fixed.
At Conveyor, we’re building a future where every B2B company globally can build perfect, in-depth trust with customers and sales prospects instantly and painlessly, in one click. As a vendor, that means faster sales, faster growth, and less manual work.
As a customer, it means a future where evaluating a vendor’s security and compliance posture (even in depth) is as effortless as tapping your phone at checkout.
If we’re successful, Conveyor’s network of vendors offering 1-click security reviews will become a valuable integration for any B2B marketplace or app store: Buy It Now for enterprise, the security version of credit scores. It really can and will be that fast and easy!
Our Products: Transforming Security Reviews with AI
Until now, there has been a gap between the materials a vendor can prepare and the custom questions & workflows each customer has for their use case and compliance needs. It’s zero sum: Either the customer has to do their own homework or the vendor has to manually answer the questions.
Large Language Models (LLMs) have the potential to be the missing link, but security reviews are high-stakes. You can’t save time if the AI routinely hallucinates and a human expert has to manually review each answer before it goes back to the customer.
Accuracy and quality of AI answers are key to unlocking efficiency at scale.
In February, we launched the world’s first GPT-based generative questionnaire answering product. Since then, we’ve developed a unique, repeatable method for getting customers to 96%+ automation, and learned a ton about some of the biggest challenges to unlock perfect accuracy on every question, every time.
In June, we used those learnings to launch our “ATM moment” product for security reviews: the ability to let customers self-serve AI-answered security questionnaires from your trust portal.
Now it’s October, and we’ve discovered even more new techniques to improve accuracy and reliability of AI-generated answers. We’ve also discovered several innovative new ways to use artificial intelligence to make the entire security review preparation and response process faster, smarter, and more intuitive for our customers. I’ll be incredibly excited to share these with you as we incorporate them into our products over the next few months!
Our Culture and Team: Where Trust Fuels Creativity
If you’re excited about using AI to build the new digital infrastructure for trust, we’re hiring!
We’re a group of 15 talented, curious, high performers, united by a shared passion for innovation and a commitment to making our customers’ lives easier.
Conveyor is growing quickly and executing fast! Whether you’re in R&D or go-to-market, you’ll have a huge impact on our growth trajectory and build strong relationships with our customers and your colleagues.
We started Conveyor in 2021, during COVID, so have been remote-first. We invest in building a thoughtful, intentional, supportive work environment. For us, that means having clear goals, fostering good communication skills and habits, creating regular opportunities to elicit and receive feedback, and building relationships with your colleagues based on trust and mutual accountability.
As an early-stage startup, every team member gets a lot of autonomy in their role. All of us are driven by trust, accountability, and the freedom to take risks and create. We work a lot, but we also invest in flexibility and asynchronous work to help balance the intensity. This requires building a relatively tight-knit team of highly motivated self-starters, but it’s a fantastic work environment for the right people.
If you’re interested in learning more, visit our Careers page!
Looking Ahead
To our customers, thank you for being a part of our journey! A funding round is an investment in our future, and an opportunity to bring great products to even more of the world. We’re looking ahead for new opportunities to innovate for you.
Over the next few years, we’re going to redefine how businesses build trust in the digital world, and change a lot of people’s lives for the better while doing it. Together, we’re going to bring security reviews and vendor risk into the future.
Thanks again.
Here’s to the future,
Chas Ballew
Conveyor founder and CEO