Founded in 2024 by Clarence Chio and Kao Zi Chong, San-Francisco-based Coverbase provides a security-first, AI-driven platform that automates third-party risk assessment and broader procurement workflows. The software integrates sourcing, intake, contract management, and purchase-order creation while continuously monitoring vendor risk, replacing manual questionnaires with real-time intelligence. More than 40 customers—including Nationwide Insurance, Coinbase, Okta, and Navy Federal Credit Union—report 90-92 percent reductions in procurement workload, which the company equates to roughly $180 million in saved labor hours. Designed for highly regulated industries, the platform positions procurement as a decision-making engine rather than a bottleneck, helping organizations deploy new technologies faster and more securely. With fresh capital, Coverbase plans to extend its reach beyond financial services into healthcare, pharmaceuticals, and other regulated sectors, while adding features such as spend analysis, contract intelligence, and invoicing. The company’s mission is to embed security, risk, and compliance into every supplier interaction at Fortune 500 companies, banks, and security-conscious enterprises. To date, Coverbase has raised $20 million in venture funding.

Total raised

$20M

Funding rounds

1

Latest round

Series A

Latest activity

Nov 2025