Coverbase, the industry’s only security-first third-party AI procurement and risk platform, has closed a $16.5m Series A funding round led by Canapi Ventures.
This follows a $3.5m seed round led by Fika Ventures, bringing its total funding to $20m.
The company said the new capital will support its expansion into new verticals and help scale its risk-aware procurement platform beyond third-party risk management.
Coverbase operates an AI-native platform designed to reduce procurement friction, embed risk management into early-stage decision making, and accelerate technology adoption for security-conscious organisations.
The platform uses AI and agent-based automation to remove repetitive manual tasks across procurement workflows. Its technology covers processes including vendor sourcing, intake, contract management and purchase order creation, delivering a reported 90–92% reduction in procurement workloads for clients.
Since its 2024 launch, Coverbase has onboarded more than 40 customers including Nationwide Insurance, Navy Federal Credit Union, Coinbase, Okta, Bill, Coastal Community Bank, Live Oak Bank and ServiceTitan.
Clarence Chio, CEO and Co-founder of Coverbase, said, “Traditional procurement isn’t just broken, it’s actively hindering progress. Risk and compliance teams spend countless hours chasing paperwork instead of identifying and mitigating real threats, which slows innovation adoption while leaving critical risks that are being exploited regularly.
“With AI and agent-based automation, Coverbase is eliminating repetitive, low-value tasks, freeing businesses to focus on reducing risk and accelerating deployment of new technology innovations. We’re excited to partner with Canapi Ventures and tap into their expertise as we evolve our platform into a complete procurement orchestration system.”
Christelle Chau, VP of Security GRC at Okta, said, “Coverbase has been instrumental in transforming how we manage third-party risk. Their forward-thinking, AI-driven platform has streamlined and modernized our security oversight, allowing us to operate with greater efficiency and confidence.”
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