Conveyor Raises $20 Million for AI Agents to Automate Security Reviews, RFPs

Conveyor raised $20 million in a Series B funding round to expand the availability of its artificial intelligence agents that are designed to accelerate the B2B sales process by automating security reviews and requests for proposals (RFPs).

The company will use the new funding to scale its AI research and engineering teams, expand its go-to-market initiatives and pursue its long-term goal of building a trust layer for interactions between buyers’ and sellers’ AI agents, it said in a Thursday (June 12) press release.

“We’re excited to accelerate our mission of fully automating complex end-to-end workflows and removing trust bottlenecks that slow down enterprise sales,” Conveyor CEO Chas Ballew said in the release.

One of Conveyor’s currently available AI Agents, Sue, automates customer security reviews by helping customers self-serve a vendor’s sensitive documents and security information via a Trust Center and answering security questionnaires with accuracy of 95% to 97%, according to the release.

The company’s other AI agent, Phil, autonomously researches RFP requirements and drafts proposal responses, per the release.

Conveyor’s solutions are currently used by more than 480 customers, have answered more than 1 million questions and have enabled more than 800,000 Trust Center interactions, according to the release.

Tony Pezzullo, principal at SignalFire, which led the funding round, said in the release that Conveyor is “redefining agentic automation in the enterprise.”

“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,” Pezzullo said.

Conveyor’s latest funding round followed a $12.5 million Series A round that the company announced in October 2023.

AI agents have the potential to radically transform operations in the B2B world, where speed, efficiency and bottom-line results rule the day, PYMNTS reported in January.

In another, separate development in this space, payments technology firm Transcard said in April that it added agentic AI capabilities to vendor network management system to automate onboarding and know your business (KYB).

In February, Routable enhanced its accounts payable (AP) automation platform by adding an AI agent that can detect both invoice fraud and human error.

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