Conduct Raises $60 Million in Series A Funding

The London-based AI startup Conduct has closed a Series A funding round worth $60 million. The round is co-led by Index Ventures and ICONIQ. In addition, SAP, a major enterprise software provider, is participating as a strategic investor. Existing investors Creandum, Lucid Capital, and Booom are also increasing their investments.

With this fresh capital, Conduct plans to further expand its platform, grow internationally, and significantly accelerate the transformation of complex enterprise software. The company is targeting a market worth billions—the modernization and further development of individual enterprise systems that form the backbone of industry, logistics, retail, and services worldwide.

When Software Becomes a Hindrance for Companies

Modern companies today rely on highly customized software systems—whether for supply chains, production planning, logistics, procurement, or customer service. Almost every business process is controlled by software. Many of these systems have been developed and adapted over decades. The underlying codebases often comprise hundreds of millions of lines of code that are difficult to understand even for internal IT departments.

As a result, every major change becomes a mammoth project. Before new business requirements can be implemented, IT teams spend months analyzing existing systems, conducting interviews with business units, and documenting complex dependencies. As a result, strategic decisions made at the executive level often end up in IT’s project backlogs for months or even years.

Three Palantir veterans want to solve the problem

The founders—JP, Philipp, and Henry—know these challenges firsthand. During their time at the data analytics specialist Palantir, they repeatedly observed the same pattern: Companies had the capital, expertise, and willingness to change, but failed due to the complexity of their own software landscapes.

Conduct was born out of this experience. The startup is developing an AI-powered operating system for enterprise software that, for the first time, brings business and IT teams together on a shared knowledge base.

AI analyzes millions of lines of code

Conduct’s platform processes source code, configurations, and technical dependencies of existing enterprise systems and uses this information to create a central knowledge layer.

AI agents analyze:

• Source code and system architectures
• Customizations and extensions
• Business processes and their technical implementation
• Historical decisions and dependencies

This creates a digital representation of the company’s entire software infrastructure.

Instead of spending weeks gathering information from different departments, companies can immediately see which business processes are controlled by which software components and what impact changes will have.

Conduct’s promise is ambitious: transformation projects should take only hours or days, rather than months. In this way, Conduct bridges the gap between strategic business decisions and technical implementation.

SAP as a Gateway to a Billion-Dollar Market

SAP’s involvement is particularly noteworthy. According to Conduct, approximately 87 percent of global trade volume currently flows through SAP systems. The platform is designed to help companies better understand and modernize their existing SAP landscapes and make them ready for AI applications.

In the long term, however, Conduct aims to go far beyond SAP and address the entire enterprise software landscape.

Well-Known Customers Already On Board

Some of Europe’s largest industrial companies are already relying on the technology.

Reference customers include Daimler Truck, Heidelberg Materials, Fraport, Rittal, and DHL, among others. In addition, Conduct is already working with consulting firms and technology partners such as:

• SAP
• BCG
• NTT DATA Business Solutions

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Plans to Expand into North America

With the fresh capital, Conduct plans to expand its engineering and sales teams and open a second headquarters in New York. The founders view their platform as the foundational infrastructure for the next generation of enterprise software. If companies can adapt their complex systems more quickly, the pace of innovation across entire industries will ultimately accelerate.

From logistics and manufacturing to global supply chains, AI could thus not only modernize software but also increase the overall pace of economic transformation.