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Conveyor Secures $20M Series B Funding

Conveyor, an innovative leader in AI technologies for B2B customer trust workflows, has successfully secured $20 million in Series B funding, led by SignalFire, with notable contributions from Oregon Venture Fund and Cervin Ventures. This latest funding brings Conveyor's total investment up to $40 million, fueling its push toward revolutionizing the Customer Trust Automation sector, particularly focusing on security reviews and Request for Proposals (RFPs).

Driving the Future of Customer Trust Automation

As customer demand for reliable and efficient security processes grows, Conveyor is capitalizing on this trend with its exceptional offerings. The company's AI agent, Sue, designed specifically for automating security reviews, and Phil, the latest tool for RFP automation, are rapidly gaining traction. On average, the completion of security reviews can significantly delay enterprise sales; Conveyor's solutions aim to streamline these processes.

Chas Ballew, CEO of Conveyor, noted, "SignalFire's investment validates our AI-first vision for transforming customer trust. We are excited to accelerate our mission of fully automating complex workflows and minimizing trust bottlenecks in enterprise sales. Our goal is to create an environment powered by seamless AI-to-AI interactions."

According to Conveyor's 2024 State of Security Review, security processes often take an average of 3.1 weeks to finalize, resulting in sales deal delays for about 52% of teams. Surprisingly, only 13% of security end users find their current systems effective. The scenario is prompting businesses to invest in AI technologies, with 31% already integrating AI into their operations.

Accelerated Automation for Better Outcomes

Conveyor’s solutions have already showcased remarkable results. With over a million inquiries processed through ConveyorAI and 800,000 Trust Center interactions, the company has achieved a 3x growth rate. The automation of security procedures is not just about efficiency; it transforms compliance into a competitive edge for organizations. Unlike outdated tools reliant on limited data and poor accuracy, Conveyor's AI technology builds a dynamic knowledge graph of secure information, customized for complex tasks.

Sue, Conveyor's flagship AI Agent, enables users to access vital security documentation and information autonomously, achieving an impressive accuracy rate of 95-97% without requiring human oversight. By cutting down the review time by up to 80%, Sue effectively acts as a central, active repository of approved security information, minimizing tedious and protracted tasks involved in enterprise sales.

Building on the foundation laid by Sue, Conveyor has launched Phil, a state-of-the-art AI Agent engineered to streamline the RFP process. Automatically gathering RFP requirements and drafting responses, Phil helps organizations secure deals more efficiently while alleviating workload pressure. Together, Susan and Phil present a formidable AI solution for sales teams, hoping to drastically reduce burdensome workflows associated with customer trust management.

AI That Understands Complexity

Creating truly autonomous agents within corporate environments isn't merely a matter of technology; rather, it necessitates profound integration with intricate institutional processes and stringent accuracy standards, fostering trust among cautious stakeholders. Most AI solutions encounter challenges when tasked with the full scope and security demands of enterprise operations. Conveyor aims to exceed these challenges, evident in its collaboration with large tech firms such as Workday and Atlassian.

Tony Pezzullo, Principal at SignalFire, remarked, "Conveyor is redefining agentic automation in the enterprise. Their work among sophisticated organizations distinguishes them in a market flooded with SMB-centric tools. Conveyor is pioneering the platform for operational communication in customer trust workflows."

Envisioning an AI-Driven Future

With the recent funding, Conveyor will continue to enhance the availability of Sue and Phil and also expand its AI research and engineering teams. The company envisions promoting seamless AI-to-AI trust exchanges, becoming the backbone for future interactions between buyers and sellers operating through artificial intelligence.

Feedback from users illustrates the transformative impact of Conveyor’s technology. Bogdan Gagea, Senior Security Manager of Trust Assurance at Zendesk, stated, “Since partnering with Conveyor, we've notably cut down on processing times by 20%, saving around 120 hours per month and improving on-time deliverables. This partnership empowers our go-to-market teams to complete more deals and renewals, pivotal for evolving our security function into a revenue generator.”

Endorsed by over 480 clients, including notable firms like Atlassian and Zendesk, Conveyor's technology has proven to streamline trust-building, leading to faster revenue growth across diverse industries. As Conveyor continues to lead the Customer Trust domain, expectations grow for AI Agents equipped for the complexities of enterprise environments.

To discover more about Conveyor, visit their website at https://www.conveyor.com.

About Conveyor

Conveyor stands at the forefront of generative AI technologies, revolutionizing how sales processes handle customer security evaluations and RFPs. Trusted by leading SaaS companies worldwide, Conveyor is committed to simplifying cumbersome tasks like sharing security information and responding to RFPs, achieving time reductions of over 90%.