Founded in 2024, San Francisco-based Coverbase aims to reinvent how enterprises vet and manage vendors in a 'security-first' manner. Specifically, it uses artificial intelligence to automate and secure how large, regulated companies onboard new vendors and suppliers, such as software providers, consultants, contractors and service firms. Co-founders CEO Clarence Chio and CTO Kao Zi Chong have impressive backgrounds. Chio also co-founded Unit21, a startup that helps businesses monitor fraudulent activities with its no-code software that has raised $92 million from the likes of Tiger Global Management. Chong is a former engineering manager at fintech giant Stripe. The pair started Coverbase to automate the procurement process 'by weaving risk, security, and compliance decision-making directly into every stage of intake, due diligence, contracting, and ongoing monitoring.' Most competitors, he claims, build tools that help humans move through manual approval steps. (Competitors include...
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