There’s an open opportunity right now for companies to use new generative AI approaches to create automation where none previously existed.
Vendict is a great example. They’ve developed the first LLM that streamlines governance, risk, and compliance (GRC) workflows for both sellers and buyers.
For sellers, it’s capable of generating professional-grade answers to security questionnaires – turning a weeks-long process into an hours-long process. For buyers, it can conduct comprehensive GRC vendor analysis in a matter of minutes. The result is time saved on both ends, and the acceleration of the sales cycle.
Vendict recently announced a $9.5M seed round led by NFX, with participation from Disruptive AI, and Cardumen Capital.
Today, we’re sharing three reasons we’re excited about their future.
1. An Opportunity for AI Leapfrogging
We’re seeing a seam where generative AI companies can overhaul “lagging” or analog processes. GRC workflows are an excellent example of one of these opportunities.
When buyers assess new technology products, GRC experts review a complex questionnaire to gauge security risk. It’s up to vendors to supply answers to those questions as part of the sales process.
Existing software already costs companies about $47 billion worldwide in 2022. And even then, the solution is imperfect. Experts are tasked with compiling information scattered across various silos. This high-stakes process is managed in docs and spreadsheets – a slow and error prone system.
Generative AI is perfectly suited to streamlining this process. Vendict’s cybersecurity LLM pulls relevant information from disparate sources, instantly generates eloquent answers to these security questions all in one place.
This product is a 100x improvement upon the analog, incumbent process. This means there’s plenty of room for Vendict to capture a large market share if they move fast. We’re confident that this team has the skills and the disposition to do it.
Vendict’s co-founders Udi Cohen, CEO, and Michael Keslassy, CTO, are deep-tech experts with years of experience in software and AI. They understand the speed of the industry, and have the technical knowledge to stay ahead in what is already extremely fast moving water.
2. The First Hyperlocal Cybersecurity LLM
In our AI Startup Litmus Test, we encourage Founders to ask themselves: “How long would it take for a user to do the same task as your core product, with ChatGPT+?”
Many tasks can be accomplished with generalist LLMs. But certain industries, like GRC, have embedded jargon or technical formalities that require special training.
Vendict is the first AI that is truly attuned to security language.
Because Vendict’s models are trained on an organization’s internal compliance data, it’s fluent in both the industry standards, and company-specific tone.
Not only does this allow Vendict’s LLM to generate unique, professional-grade responses to security questionnaires, it also creates a centralized knowledge base. That allows Vendict to guide companies as they look to improve existing processes or expand.
Vendict demonstrates expert deployment of what we call a “hyperlocal AI model.” They are somewhat protected from encroachment by generalist LLMs, by offering tailored analysis, generative capabilities, and insight.
3. Instant Customer Love
AI alone is never enough. Even the most sophisticated AI needs to be accompanied with an intuitive product that solves a problem on day 1. It’s a requirement to overcome switching costs associated with abandoning decades-old processes.
Vendict checks both boxes. Its intuitive product has allowed companies to cut 92 percent of security questionnaire response time. That has translated to product-led growth. Vendict’s customers include Aidoc, Orca Security, SimilarWeb, Monday.com, OpenText, Modern Treasury, and others.
It’s clear how much customers love this product. Raul Zayat Galant, Head of Security at Orca Security, says: “We used to spend hours manually compiling and updating our responses to RFIs and security questionnaires. It was a tedious and error-prone process. But since we started using Vendict, it’s been a game changer.”
With a strong AI core, the ingredients for product-led growth, and the potential to layer network effects upon that foundation, Vendict is poised to reshape the GRC process from the ground up.
To learn more about Vendict visit: https://vendict.com/
