BELLEVUE, Wash., Oct. 11, 2023 — Media Partners Corporation, an eLearning provider committed to helping organizations build safe and respectful work environments, proudly unveils its rebrand to Atana Inc. With the successful completion of the final $6 million phase of the $16 million Series A financing, led by national family offices and members of the Seattle-based Alliance of Angels, Atana is poised to expand its market presence by offering groundbreaking AI-driven insights through a blend of high-quality training content and targeted behavioral assessments within each eLearning course.

Atana is the creator of the first comprehensive workplace learning experience backed by science and proven by data to deliver organizations measurable, meaningful behavior change at scale. This rebranding initiative aligns with Atana’s accelerated product innovation and evolution into a Software-as-a-Service (SaaS) provider. The company’s name transition to Atana mirrors that of its cutting-edge AI-driven analytics engine, Atana Insights, emphasizing its commitment to helping organizations attain their desired workplace culture.

“At Atana, we seamlessly integrate behavioral theory, organizational psychology, and advanced data science to empower organizations to foster positive, lasting behavior change at scale,” says John Hansen, CEO of Atana. “This substantial funding amplifies our ability to help organizations quantify behavior change and validate the impact of their respectful workplace learning initiatives.”

The Atana experience blends engaging courses with Atana Insights—a proprietary AI-based analytics engine. This equips HR and Learning & Development professionals with insights and actionable feedback, enabling organizations to measure and validate behavior change. Atana aims to become the preferred supplier for organizations seeking to create better workplaces, improve their ability to attract and retain employees, and boost productivity and performance.

About Atana
Atana provides a comprehensive workplace learning experience backed by science and proven by data to deliver organizations measurable, meaningful behavior change at scale. By bringing together decades of experience, award-winning courses, and a powerful, proprietary analytics engine, Atana Insights, organizations have — for the first time — the ability to quantify and validate the impact of their respectful workplace training initiatives. For more information about Atana and its innovative approach to workplace training, please visit www.atana.com or connect with us on social media.

SOURCE Media Partners Corporation

Trait Biosciences (Trait), a leader in cannabinoid research, has developed technologies that transform water insoluble cannabinoids to water soluble materials

The new ingredients deliver unique benefits to multiple end-use consumer products

SANTA FE, N.M., Oct. 11, 2023 — Trait is pleased to announce that it has closed on a funding round led by Btomorrow Ventures (the corporate venture capital arm of BAT) and Gotham Green Partners. Both firms are already significant investors in Trait, and they have been closely involved in the company’s development and commercialization efforts.

Hanny Kanafani, President and COO at Trait says: “The collaboration between Btomorrow Ventures and Gotham Green Partners has been a powerful catalyst in advancing Trait’s development and commercialization activities. This financing will further the launch of unique first-generation cannabinoids, which when added to waters and other beverages, maintain beverage clarity and do not impart turbidity, even when added at competitive dosages. When added into cosmetic applications, our water-soluble materials do not require additives typically used in skincare products to maintain quality, and we will open the door for unique and differentiated infused cosmetic applications.”

The financing will support Trait’s partnerships with contract manufacturers and go-to-market partners, and Trait expects a 1Q 2024 launch of its first-generation water-soluble CBD.

To learn more about Trait’s technology and product offerings, please visit https://traitbio.com/. 

SOURCE Trait Biosciences

Perot Jain invested alongside Resolve Growth Partners as part of Cecilian’s recent Series A round. The investment goes beyond capital support, carrying an important distinction of being strategic and advisory.

NEW HOPE, Pa., Oct. 11, 2023 — On the heels of its recent $11M Series A raise, Cecilian Partners today announced that it has secured growth capital from Perot Jain, the leading Dallas-based venture capital firm focused on industry-disrupting companies and tech. Cecilian offers transformative, end-to-end digital solutions for homebuilders and land developers, with a fast-growing client base in Dallas Fort Worth. That base includes Hillwood Communities – one of the country’s largest community developers, a strategic partner of Perot Jain and Cecilian Partners’ largest client.

Fred Balda, President of Hillwood Communities, will join Cecilian’s advisory board, bringing 32 years of real estate domain expertise and community development knowledge to the organization. The alignment between the two companies, and their leadership teams, goes beyond a typical capital investment.

“It’s a natural fit – Perot Jain has always been committed to innovation that centers on people, and Cecilian Partners is delivering on that mission,” Balda said. “Hillwood Communities is excited to continue working with Cecilian to deliver exceptional online buyer experiences and to improve the overall performance of our business.”

Stewards of change 

Cecilian Partners is committed to bringing digital transformation to master planned communities (MPCs), a market with unique opportunities and challenges. Cecilian co-founder and CEO John Cecilian, Jr. noted that the ongoing partnership with Hillwood Communities has been instrumental for the category.

“Digital transformation is really difficult. It takes work to adopt new technologies and innovation, but it also requires the right partner to be the steward of that process from start to finish,” Cecilian said. “Hillwood Communities was ready for change. They empowered us to be that partner and allow innovation to happen. We are so grateful to have a client who is very much a beacon for other MPC developers around process management and technology adoption.”

At the same time, Perot Jain has a track record of helping early-stage companies drive industry-disrupting innovation. They provide patient capital, a strategic network and tech-enabled expertise. Aaron Pierce, Partner at Perot Jain, explained why Cecilian Partners is a good fit for their model.

“Cecilian Partners is revolutionizing the new home ecosystem, and Perot Jain is excited to support the company’s continued success alongside Hillwood Communities,” Pierce said.

A sense of place 

DFW is a core focus and high-growth market for Cecilian Partners. The Metroplex is on track to become the fifth fastest-growing large metro area in the US by 2028, with new home sales continually ranking among the top five in the nation.

This makes the region an excellent proving ground for Cecilian’s technology and approach. The expanded partnership with Hillwood Communities, along with the stamp of approval from Perot Jain, is key to the firm’s goal of driving real estate transformation for MPCs.

“MPCs build a sense of place for people of all ages and walks of life, but it’s a complex task. Technology and innovation are crucial in getting executives through the gauntlet of placemaking,” Cecilian said. “Technology is not a choice; it’s a critical part of what every land executive and developer should focus on right now.”

He continued, “It is Cecilian Partners’ job to be the steward of that change, and we are privileged that Hillwood Communities allowed us to take them through the other side of digital transformation.”

About Cecilian Partners

Cecilian Partners collaborates with land developers and homebuilders across the U.S. who aspire to modernize their digital footprint and ease everyday pain points associated with building and buying homes. The firm’s property development software, 3D mapping technology, and data management solutions simplify placemaking and transform the homebuying experience. For more information, visit cecilianpartners.com or the Linkedin Company Page.

About Perot Jain

Perot Jain is a Dallas-based venture capital firm founded in 2014 by longtime business partners Ross Perot Jr. and Anurag Jain. Since its inception, Perot Jain has made over 100 investments across five countries, primarily focusing on the US innovation ecosystem. Perot Jain aims to be a strategic partner to early-stage companies in sectors such as supply chain, real estate, government and defense, and healthcare technology. For more information, visit perotjain.com.

SOURCE Cecilian Partners

TORONTO, Oct. 11, 2023 – Snappy, a Canadian all-in-one restaurant management Software-as-a-Service (SaaS) company, today announced that it has closed an oversubscribed Series A funding round. The investment, led by Texas-based Golden Section Ventures, follows an investment by Celtic House Venture Partners and Celtic House Asia Partners in 2021. The funding will be used to expand Snappy’s market presence in North America as Snappy continues to power restaurants globally with its cost-effective and efficiency-driving restaurant software tools.

“We are at an exhilarating time on the restaurant digital transformation path when the need to improve operational efficiency, customer experience, and staff management has never been stronger,” said Ricky Wang, Co-founder & CEO of Snappy. “We are pleased to partner with Golden Section Ventures to continue the expansion of our business in North America through regional offices in the US and Canada, as we work with restaurateurs to streamline their operations and boost digital presence and customer experience. Snappy remains committed to finding innovative ways to help restaurant operators run their businesses more efficiently and become more profitable.”

“Even though the restaurant software vertical has some major players, it’s still an incredibly fractured market,” said Andrew Smith, Executive Director of Golden Section. “Snappy’s cloud-based, nimble, modular solution is a flexible option for independent restaurants and large chains alike. We think Snappy will be the market leader in short order.”

Snappy serves as a technology partner for restaurateurs, elevating the dining experiences through a suite of modules including point of sale, payment processing, omnichannel ordering, 3rd party delivery apps integration, reservation, loyalty and targeted marketing. Independent restaurants and chains can tailor their subscription to include any one or multiple modules ensuring a fit for their unique operational needs. Snappy continuously invests in technology, education, and training programs to contribute to the restaurant community. The Toronto-based technology firm operates in 8 countries, including the US, Canada, the UK, and Australia, and is excited to continue expanding. “We want our restaurateurs to focus on their food and services, leaving the rest to us,” said Ricky Wang.

“We are pleased to have Golden Section join the investor syndicate at Snappy,” said David Adderley, Partner at Celtic House Venture Partners. “Snappy’s ability to scale its operations in Canada and now expand into the US, while maintaining excellent performance metrics, has been impressive. All this has been done in a capital-efficient manner through innovation rather than buying market share with investor capital. This round’s additional funding will allow Snappy to continue its mission of providing restaurant operators with the most cost-effective and easy-to-deploy all-in-one restaurant management SaaS.”

“As Snappy’s first institutional seed investor, we are pleased to welcome Golden Section as a co-investor,” said Larry Liu, Managing Partner at Celtic House Asia Partners. “The restaurant industry is at a critical inflection point as it undergoes a massive digital transformation. Snappy’s cloud-based platform and pre-built modular solutions solve key challenges across numerous restaurant types and use cases. With this funding, Snappy is strongly positioned to execute amidst these market tailwinds.”

For more information about Snappy’s innovative restaurant SaaS offering, visit https://gosnappy.io/

About Snappy

Snappy offers technology products that allow restaurants to manage every touchpoint of the guest experience with ease. Streamline customer operations to one platform, increase direct sales through your online storefront, and build customer loyalty with improved means of restaurant-to-guest communication. You choose what you’d like to automate to serve your customers better and expect to be up and running in a snap. https://gosnappy.io 

About Golden Section

Golden Section is a B2B software investor based in Houston, Texas but investing globally in founders solving tangible problems for today’s workforce. Golden Section exists to journey together with entrepreneurs on the path to creating lasting companies, investing pre-seed to post exit. See more at https://www.goldensection.com

About Celtic House Venture Partners

Drawing from its 20 years of experience as an active investor in technology and innovation, Celtic House Venture Partners collaborates with exceptional founding teams with strong track records and a data-driven mindset to build category-leading technology companies. These collective efforts have resulted in over 25 IPO and M&A transactions. For more information, visit http://www.celtic.vc 

About Celtic House Asia Partners 

Celtic House Asia Partners is an active investor in technology companies across North America and China, with a focus on B2B SaaS, consumer marketplaces, FoodTech and digital health. Celtic House Asia’s investments include tech unicorns ApplyBoard, Cerebral, and GrubMarket, as well as Fantuan, Snappy, Mappedin, Uniuni and numerous other early and later-stage technology start-ups. For more information, visit http://www.celticvc.com

SOURCE Snappy

Series A Round Led by Fin Capital Will Be Used to Onboard and Support New Enterprise Partnerships and Further Advance the Company’s Unique Behavioral Engine

NEW YORK, Oct. 11, 2023 — Carefull, an AI-powered financial safety platform that helps banks and wealth advisors protect aging customers from scams and money mistakes, today announced that it has closed its Series A round with $16.5 million in funding. The round was led by Fin Capital and joined by Bessemer Venture Partners, TTV Capital, Commerce Ventures, Montage Ventures, and Alloy Labs, bringing the company’s total funding to $19.7 million.

Carefull is the financial ecosystem’s first Protect-Retain-Transfer (PRT) provider: a tech solution that enables banks, financial advisors, and insurers to protect older adults – their most valuable and vulnerable customers – from outside threats and even their own money mistakes, while the institution retains their assets and deposits for longer and builds relationships with next-generation family members ahead of wealth transfer. Carefull actively scans all customer account types for over 50 financial and behavioral issues unique to aging, catching unusual activity, suspicious patterns, and even bigger problems like financial exploitation by a loved one or signs of cognitive decline. The platform also integrates identity, credit and home title monitoring; $1M in identity theft insurance; a password and document vault; and a smarter Trusted Contacts system for banks to gain “share of family” in addition to share of wallet.

“There are now 45 million people across the country who are tasked with managing an aging loved one’s money, and older Americans lose $37 billion annually to fraud and money mistakes. The growing role of the financial institution to help families here cannot be understated,” said Todd Rovak, Co-founder and Co-CEO of Carefull.

“Banks, wealth advisors, and financial caregivers need a solution that customers actually want to use,” added Carefull Co-founder and Co-CEO Max Goldman. “Our approach of empowering and including the financial institution has led to tremendous growth over the past four years, so this new infusion of capital will help us reach even more aging Americans and their families.”

Over the past year, Carefull has rapidly expanded its footprint to include more than 35 financial institutions and advisor groups. The Cooperative Bank in Roslindale, Massachusetts recently won a 2023 Community Commitment Award from the American Bankers Association for its use of Carefull to protect older Americans from fraud and unusual account activity. As of Q3 2023, Carefull has been shown to reduce customer account churn and attrition by as much as 10x in partner banks, and has generated as many as 60 new leads per wealth advisor.

“Carefull has emerged as an instrumental solution for financial caregivers and banks alike, and we’re proud to support the company through the next phase of their growth,” said Christian Ostberg, General Partner at Fin Capital. “As younger family members step in to manage their loved ones’ finances, there is an estimated $84 trillion in wealth transfer underway. Financial institutions and advisors are actively seeking out ways to help families through this time of transition while building relationships with their next generation of customers. Carefull’s full-stack financial safety suite is a critical step in solving many of the acute issues in the category, and we’re excited about where the team is headed.”

Carefull’s new capital will be used to scale onboarding and support for new partners, enhance R&D efforts aimed at protecting older adults, and build capacity to meet new state regulations that require more protections for aging Americans. To learn more about partnering with Carefull, contact [email protected].

About Carefull 
Carefull is the financial ecosystem’s first Protect-Retain-Transfer (PRT) provider: a tech solution for financial institutions and wealth advisors to protect customers aged 55+ from financial threats, retain assets and deposits for longer, and bridge to the next generation ahead of wealth transfer. Founded in 2019, Carefull’s AI-powered platform actively scans all customer account types for over 50 financial and behavioral issues unique to aging by detecting unusual activity, suspicious patterns, and even bigger problems like financial exploitation by a loved one or signs of cognitive decline. Carefull was built from the ground up to serve both aging adults and financial caregivers, and is currently being used across banks, credit unions, wealth advisors and insurers. For more information, please visit https://getcarefull.com/.

SOURCE Carefull

Funding Accelerates Deployment of Novel Drilling and Subsurface Technologies
That Increase Speed and Lower Cost of Constructing Geothermal HVAC Systems To Decarbonize Urban Buildings

LOS ANGELES and AUSTIN, Texas, Oct. 11, 2023 — Bedrock Energy, a technology startup that designs, constructs, and delivers geothermal heating and cooling systems, today announced $8.5M in seed capital. The financing round is led by Wireframe Ventures, with participation from Overture Climate VC, Long Journey Ventures, Cantos, Toba Capital, First Star Ventures, Divergent Capital, and Climate Capital. The funding will accelerate manufacturing and deployment of technologies that improve the economics of all-electric geothermal HVAC systems, thus helping real estate properties achieve Net Zero operations.

Bedrock is developing a novel technology stack that combines autonomous drilling and advanced subsurface modeling to triple the speed and space-efficiency of geothermal projects. These advantages enable geothermal HVAC to fit onto dense, urban locations, with sensors that uniquely validate real-time construction accuracy. Payback periods under five years enable real estate owners and investors to decarbonize large properties with double-digit internal rates of return.

“For decades, geothermal heat pumps have been the most energy-efficient form of HVAC, but adoption has historically been slow due to the upfront cost, time, and space required to construct the borefields that provide such stellar thermal efficiency,” said Joselyn Lai, co-founder and CEO of Bedrock Energy. “We believe our technologies fundamentally change the equation. A huge swath of commercial and industrial real estate can now benefit economically from carbon-free geothermal HVAC due to Bedrock’s unparalleled speed, cost, compactness, and reliability—making adoption a logical business and sustainability decision.” 

Federal incentives can offset the upfront cost of geothermal systems by 30%-60%, while local and state climate policies are increasingly pressuring large real estate owners to look for ways to decarbonize their assets. These factors, combined with Bedrock’s technology innovations, position geothermal heating and cooling as a leading path to reduce emissions and energy costs for urban buildings across the U.S.

“We believe Bedrock Energy will significantly lower the carbon intensity and cost to heat and cool commercial buildings,” said Paul Straub, managing partner at Wireframe Ventures. “We are so impressed by this team’s approach to product. They have built a solution that can scale in a market where federal incentives, decarbonization mandates and rising energy prices are all conspiring to form a perfect moment for Bedrock’s mission.”

Bedrock’s team combines decades of experience in oil and gas technology, oilfield operations, software, and startup operations. Since its inception in 2022, the company has focused its efforts on designing and manufacturing its drilling assets, developing subsurface physics modeling software, and building out its multi-disciplinary team.

“Our team’s ability to develop, test, and deploy technology at a rapid pace will greatly contribute to decarbonization of the built environment,” said Silviu Livescu, co-founder and CTO, who has held roles as Chief Scientist at Baker Hughes and professor at UT Austin. “We are eager to show how Bedrock’s technology can unlock the potential of this limitless, carbon-free asset to decarbonize buildings everywhere.”

Bedrock’s approach is versatile, with applications across a wide range of retrofits and new construction. With initial applications across retail, light industrial, office, education, or commercial, the company is open to projects across the continental U.S. in 2024 including academic, non-commercial, or other strategic partnership opportunities.

About Bedrock Energy
Bedrock Energy is a startup transforming the heating and cooling of buildings, using geothermal energy to radically reduce costs for people and the environment. Bedrock designs, constructs, and delivers geothermal using novel drilling technologies that enable widespread, affordable, and accessible installations of carbon-free geothermal HVAC for urban real estate properties. This allows properties to reduce heating and cooling costs up to 50% and cut direct emissions to zero. To learn more, visit bedrockenergy.com. 

Business Contact:
[email protected]

Media Contact:
Chris Allieri
[email protected] 

SOURCE Bedrock Energy

Financing will support SHINE’s four-phased approach to fusion, and accelerate the domestic production of medical isotopes

JANESVILLE, Wis., Oct. 11, 2023 — SHINE Technologies, LLC, a next-generation fusion technology company, today announced it has raised $70 million in additional funding. The round was led by existing investors including Baillie Gifford and Fidelity Management & Research Company, and also includes participation from new institutional investors. This round will complete the commercialization and scale-up of the company’s near-term applications of fusion technology, which are used in the industrial, defense, and healthcare markets.

SHINE is deploying a four-phased approach that commercializes fusion today while scaling its technology into the future. This approach provides important near-term economic and social benefits, while building a profitable foundation for the company to sustainably grow toward its longer term objectives in energy.

“From the beginning, our purpose has been to deliver cost-effective fusion technologies to help the world, with a long term goal of providing cost-effective fusion energy. Our approach is differentiated in that it’s grounded in a pragmatic, market-driven path. This financing is expected to carry us through several major inflection points, including profitability as we continue to refine fusion technology to solve today’s problems in medicine, manufacturing, energy and beyond,” said Greg Piefer, founder and CEO of SHINE. “We’re now ramping our production of Lu-177 to get life-saving medicine to  cancer patients more quickly. It’s the latest use of our technology to improve the world, and adds to our neutron inspection and radiation effects testing businesses, which are helping ensure people are safe through applications in aerospace, space and defense. Ultimately, these success stories will build value, as well as the skills and credibility needed to achieve our ultimate goal of achieving affordable fusion energy.”

This summer, SHINE announced the opening of Cassiopeia, the largest lutetium-177 production facility in North America. The company is now finalizing the commissioning of the facility, which is expected to become operational at the end of this year. SHINE made its first commercial sales of Lu-177 in 2020.

Lu-177 is a radioactive agent that, when paired with a cancer-seeking molecule, delivers highly targeted radiation to cancer metastases, killing cancer cells while minimizing damage to surrounding healthy cells. At full capacity, the facility is expected to be capable of producing up to 200,000 doses of life-saving treatment per year. At a time when vital pharmaceuticals and therapy treatments are in limited supply, this financing will accelerate U.S.-based production and commercialization of critical medical isotopes used in millions of procedures annually.  

“The success of Lu-177-based cancer treatments in extending patients’ lives around the world is exciting. SHINE’s unique approach is solving critical problems in the radioisotope supply chain and helping get these medicines to the people who need them,” said Luke Ward, Investment Manager at Baillie Gifford. “We look forward to continuing our partnership as SHINE scales its fusion technology to tackle even bigger challenges and create a safer, healthier and cleaner world.” 

To learn more about SHINE and its four phased approach to fusion please visit https://www.shinefusion.com

About SHINE Technologies

SHINE deploys its safe, cost-effective and environmentally friendly fusion technology in a stepwise approach. Its systems are used to inspect industrial components in aerospace, defense, energy and other sectors. SHINE’s proprietary medical isotope production processes currently create non-carrier-added lutetium-177 and are expected to create molybdenum-99 once its medical isotope production facility, The Chrysalis, is operational. These important medicines are used in tens of thousands of daily procedures to diagnose and treat heart disease, late-stage cancer, and other serious illnesses. In the future, SHINE plans to scale its fusion technology to help solve one of energy’s toughest hurdles by recycling nuclear waste. Through a purpose-driven and phased approach, SHINE aims to generate fusion power to deliver clean, abundant energy that could transform life on Earth. Learn more at shinefusion.com and follow us @shinefusion.

SOURCE SHINE Technologies, LLC

Innovative LA-based Film Tech Start-up Draws Investment from Top Industry Players.

LOS ANGELES, Oct. 11, 2023 — KINO, the pioneer reshaping entertainment economics through tech, proudly announced an oversubscribed pre-seed funding round, raising a staggering $2M.

High-profile contributors to the round included Sequoia Capital’s Scout program, Blockchain Founders Fund, Slow Ventures, Metaweb Ventures, Genius Ventures, The Near Protocol, and an assortment of industry experts and angel investors. KINO’s mission is to equip filmmakers with state-of-the-art tools to engage, create, and monetize their content even before it hits the screens, addressing a massive gap in the market.

“During the production cycle, film and TV shows currently do zero marketing or product market fit,” states co-founder Daril Fannin, “This means that the industry is wasting billions of dollars annually, and our technology solves that inefficiency.”

With credits to his name like projects with Matt Damon and Jimmy Kimmel for giants such as Netflix and Disney, CEO Daril Fannin spearheaded KINO alongside Austin Worrell. Austin, COO, is a seasoned tech entrepreneur with impressive credentials from USC Law and the London School of Economics.

“The film and television creator economy is drastically changing— has drastically changed with the rise of the internet, and crucially social media apps like Instagram and Tik Tok,” emphasizes co-founder Austin Worrell. “KINO empowers artists to harness these changes, unlocking new revenue streams and pushing for fairer industry standards.”

Already, KINO captivates over a million film aficionados monthly. Its avant-garde app, available for early access on the App Store, offers a plethora of features from celebrity live-streams and exclusive behind-the-scenes content to authentic movie merchandise and exclusive red-carpet event tickets.

With a powerful lineup of advisors and partners from industry giants like Netflix, Disney, HBO, and more, KINO is poised to make waves.

“The film and TV industry has often lagged in tech adoption. KINO’s groundbreaking approach bridges this gap, tapping into the creator economy and redefining audience engagement. We’re thrilled to back their vision.” – Tobias Bauer, Partner at Blockchain Founders Fund.

ABOUT KINO STUDIO
KINO Studio brings the power of technology to film through community building, royalties processing, and IP discovery. KINO’s technology makes the entertainment industry faster, stronger, and more connected.

ABOUT KINO’S FOUNDERS
Daril Fannin (Co-Founder and CEO) is an executive producer, writer, and Army veteran who created, sold, and produced multiple multi-million dollar film and television projects with A-list talent such as Matt Damon, Peter Berg, and Jimmy Kimmel.

Austin Worrell (Co-Founder and COO) is a tech entrepreneur and graduate of the USC Gould School of Law, and the London School of Economics; his last Web3 startup reached over $10 million ARR in its first year with over 500k holders and a $500 million market cap.

SOURCE KINO

Generative AI-Powered Diligence Offering Accelerates Security Reviews from Four Weeks to a Few Hours

 SAN FRANCISCO, Oct. 11, 2023 — Conveyor, the leading AI-powered platform that streamlines, automates, and scales customer security reviews, today announced a $12.5M Series A investment round led by Cervin Ventures. The funding will be used to support Conveyor’s growth, expand its team, and further advance the company’s generative AI solution to accurately convey a customer’s security posture in seconds instead of weeks. 

In today’s business world, an invisible but omnipresent thread weaves its way through every B2B sale: the security review, a thorough evaluation of a potential vendor partner’s security and compliance. This involves a detailed security questionnaire with hundreds of questions that vendors must complete, typically before negotiations can even occur. The manual nature of this process leads to weeks or even months of delay in the sales cycle, and completing these questionnaires is often cited as the “worst job in cybersecurity.“

Building trust with customers around data security has become a critical function in today’s digital economy. The practice of conducting security due diligence on third party vendors has grown over the last decade as cyber attacks now happen to at least 54% of companies annually. Enterprises are increasingly aware of their exposure to information security risks from many business partners, not just SaaS providers. Law firms, manufacturing companies, healthcare providers, and all kinds of other vendors are being vetted by their business partners for data security risks today.

Conveyor confronts this costly obstacle by streamlining this tedious, manual process with its comprehensive security review automation platform. Its trust portal simplifies the exchange of security information, allowing vendors to easily and securely share documents, FAQs, and showcase crucial security details. Conveyor’s questionnaire completion software automatically generates human-like responses to security questions in the original questionnaire format, achieving over 90% accuracy while identifying low-confidence responses for human review.

“Conveyor automates what has previously been a manual, arduous, ‘light-your-hair-on-fire’ process. Ask anyone who has touched a security questionnaire – they are a notoriously painful and redundant activity which requires valuable employees’ time and will delay sales,” said Chas Ballew, Conveyor Founder and CEO. “Trust is paramount so while security reviews and proper due diligence are incredibly important, answering the same question 100 different ways is not. That’s why we built a sophisticated AI engine trained in security and compliance that auto-generates precise answers to entire questionnaires in seconds. Most importantly, it allows vendors to accelerate their sales process and close deals faster.”

Conveyor’s platform allows any vendor to instantly and accurately convey their security and compliance posture to any customer. Its solution relies on generative AI with a security and compliance trained large language model (LLM) and has grown to support more than a hundred vendors who benefit from a 91% reduction in time spent on security questionnaires and a 75% faster turnaround time for security reviews. To date, Conveyor’s AI has helped teams answer more than 20,000 security questions and free up their full-time employees to take on more meaningful security activities. When the average security review can take up to four weeks to complete from end to end, Conveyor’s powerful AI automation software currently reduces that process to minutes.

“Conveyor embodies a perfect use-case for leveraging AI: a manual, text-based problem that requires too much human intervention. Conveyor’s pioneering use of LLMs will ultimately eliminate this problem for sales and compliance teams worldwide,” said Daniel Karp, Cervin Ventures Partner. “We are big believers in Conveyor as their team is uniquely positioned to eliminate the pain of security reviews. Conveyor’s team felt this exact pain in their past company’s SaaS sales processes. They understand the importance of the user experience and approach the problem through the lens of a cohesive platform centered around the vendor’s and buyer’s needs. In getting to know the culture of the team, their vision for the compliance space and their technology, it became quite clear why a roster of existing customers like Carta, Lucid Software, and Freshworks, leverage Conveyor’s platform to build trust with customers and expedite the sales process.”

Ballew continued, “completing security reviews was once just for a few of the largest cloud software providers. Now it has become a key sales capability across a multitude of sectors, including law firms, insurance companies, consulting firms, and more. Every kind of business that sells to large customers is having to formally explain how it protects customer data during the sales process. Our AI helps vendors convey how they protect customer data while freeing up critical employees to work on what matters. Further out, we see a future with instant cybersecurity risk assessments for both the vendor and the customer. A future where evaluating a vendor is as easy as it is today to tap your phone at checkout to pay for your groceries.”

ABOUT CONVEYOR
Conveyor is the leading generative AI-powered platform that automates and scales the most tedious part of the sales process: customer security reviews. Trusted by the world’s top SaaS companies, Conveyor helps vendors build trust with customers while reducing the time spent on the mind-numbing task of sharing security information and answering security questionnaires by over 90%. Through the combination of its automated security questionnaire completion software and its trust portal, which allows documents and security information to be shared easily and securely, Conveyor ultimately helps vendors close sales faster. Conveyor’s lean team has deep and extensive collective experience in security and compliance. For more information, visit https://www.conveyor.com and follow us on LinkedIn.

MEDIA CONTACT
Marissa Arnold
[email protected]

SOURCE CONVEYOR