Conduct Secures $60M Series A to Transform Enterprise Software Modernization Before 2027 Deadline

Conduct raises $60M Series A from Index, ICONIQ and SAP

Conduct, a London startup founded by ex-Palantir engineers, raised $60M from Index, ICONIQ and SAP to untangle the legacy code running big companies, before a 2027 deadline forces them to move. There is an unglamorous deadline bearing down on corporate IT, and it has just produced one of London's more interesting AI raises. Conduct, a 35-person startup founded by three former Palantir engineers, has raised a $60mn Series A co-led by Index Ventures and ICONIQ, with SAP itself investing. The round takes its total funding to around $72mn. The company builds what it calls an "AI operating system for enterprise software". In plain terms, it reads the millions of lines of custom code inside a big company's core systems and maps each piece back to the business function it controls. The 2027 clock The timing is not an accident. SAP ends mainstream support for its widely used ECC software on 31 December 2027, and roughly 17,000 of its 35,000 ECC customers have not yet moved off it, according to Gartner. Those migrations take 18 to 36 months, which means a lot of very large companies are about to run out of road. That panic is the market Conduct is selling into. The twist is who is backing it. SAP, whose deadline created the problem, has named Conduct a strategic partner to help its own customers escape its legacy systems. Why investors care beyond the deadline The bigger pitch is about AI agents. Conduct's argument is that agents cannot act on a system no human fully understands, and decades of customisation have made these systems opaque even to the people running them. Make that code legible, the thinking goes, and you unlock the single largest pool of invisible enterprise work for automation. That thesis was enough to pull ICONIQ, a backer of Snowflake and Databricks that rarely does early-stage deals, into a London Series A. The catch Conduct says customers including Daimler Truck, Fraport and DHL are running transformation projects far faster, and claims cost savings of 50 to 80 per cent in key phases. Those are the company's own figures, not independently verified. It is also not alone: SAP-owned LeanIX, the $13bn process-mining firm Celonis and ServiceNow all touch this space. And the SAP migration rush is finite. The real test is whether Conduct can become permanent infrastructure, and work beyond SAP, before the deadline that built it passes.

Conduct raises $60M to speed up software modernization projects

Conduct raises $60M to speed up software modernization projects Conduct AI Ltd today announced that it has raised $60 million in funding to enhance its namesake code modernization platform. Index Ventures and ICONIQ co-led the Series A investment. They were joined by SAP SE along with returning backers Creandum, Lucid Capital and Booom. The off-the-shelf software products that companies use often don't contain all the features they require. As a result, their development teams add custom capabilities such as integrations with external applications. Such modifications can add up over time, which creates technical challenges. Some enterprises have decades-old software customizations that few employees understand. In many cases, modernizing such components requires hiring outside experts. Another challenge is that legacy customizations' documentation is often incomplete. Developers must manually uncover details such as whether removing a seemingly unnecessary code file might break an important feature. Conduct sells an artificial intelligence platform that streamlines code modernization projects. When developers wish to add a feature to a heavily customized application, they can ask the platform to find the custom code modules that they will have to modify. The software displays an overview of each module's purpose and the data that it processes. Conduct says that its platform also automates more complex tasks. Developers can enter a natural language description of the feature they wish to build and have the software create a step-by-step implementation plan. Furthermore, Conduct is capable of generating the necessary code files. The platform tests the code that it produces for reliability and performance issues. For added measure, Conduct generates documentation that explains how each AI-generated component works. It automatically refreshes the explainer when developers make code changes. Conduct says that its platform can speed up not only feature releases but also large-scale system upgrades. In particular, it can help companies switch from SAP's legacy enterprise resource planning, or ERP, products to its newest S/4HANA platform. Such upgrades can take years to carry out manually. One of the tasks involved in ERP upgrades is fit gap analysis. Developers create a spreadsheet that outlines each core feature of an ERP system, the current state of that feature and how it will be upgraded. Conduct automatically generates such documents, which can save upwards of weeks of manual work. "Agents analyse source code, gather knowledge about how and why systems were customised, and reason with company-specific context, removing the costly, lengthy, and high-risk manual work that bogs down transformation," Conduct co-founders JP Haas, Philipp Hoefer and Henry Thompson wrote in a blog post. "A change that once took five months takes an afternoon." Conduct's platform is mainly geared towards SAP projects. It will use its new funding round to add support for products from other enterprise technology companies including Salesforce Inc. and Oracle Corp. Additionally, the 35-person company plans to grow its U.S. workforce.

Conduct Raises $60 Million Series A Round from Index, ICONIQ, and SAP

The London-based AI startup enables large enterprises to understand and change the complex, heavily customised systems they operate on so businesses can move faster LONDON, UK, June 17, 2026 (Newswire.com) - Conduct today announced a $60 million Series A, co-led by Index Ventures and ICONIQ, with strategic investment from SAP and participation from existing investors Creandum, Lucid Capital and Booom. Conduct is the AI operating system that lets enterprises understand, operate, and change the complex software systems they run on. Conduct reduces the time between a business decision and its execution in the systems that run the business so that products, services, and organisations can change and move faster. Large enterprises run on systems that have been customised tens of thousands of times over decades to reflect how the business actually works: its procurement rules, manufacturing workflows, approval chains, and supply-chain dependencies. To change or update these critical processes before Conduct meant reading millions of lines of custom code manually, reverse-engineering integrations, tracing undocumented dependencies, and waiting for handoffs between internal teams and consultants, all of which likely took weeks or months. Conduct removes this constraint. The platform ingests custom code, configuration, dependencies, and integrations across these core software systems and maps how every technical component connects to the business logic it serves. Teams can ask what depends on an approval workflow, which objects are affected by a migration, where a pricing rule lives, or what breaks if a field changes. Conduct then generates the code, tests, and implementation work required to make the change safely and at pace. A company that needs to open a new factory, change its pricing model, or respond to a new regulation no longer has to wait months to understand its own systems before implementing the change. It moves at the speed of the decision. The company's growth is accelerating as thousands of enterprises push to make their critical software AI-ready whilst they migrate their SAP landscapes to SAP Cloud ERP ahead of the end of mainstream support for SAP ERP Central Component (SAP ECC). "Every major enterprise is being asked where its AI results are," said Jan Philipp Haas, CEO and co-founder of Conduct. "The honest answer, in most organisations, is that the systems AI needs to work on today cannot be fully comprehended by humans. Decades of customisation have made them opaque, even to the people running them. The same opacity that slows people down stops agents entirely, because an agent can only act on a system it understands. Conduct makes those systems legible and operable. That is the foundation everything else depends on." The founding team built this company from direct experience of the problem. All three founders came from Palantir: JP Haas led commercial work across the DACH region, Philipp Hoefer led Palantir's AI platform product strategy for European enterprise, and Henry Thompson led commercial engineering for Palantir Japan. Across those roles, each saw how much effort inside large organisations is consumed not by decisions, but by the work of understanding what existing systems actually contain before any change can begin. That observation became the founding thesis for Conduct. Conduct already works with some of the world's most operationally complex enterprises, including Fraport and DAX40 companies Daimler Truck, Heidelberg Materials, and DHL. Across its customer base, teams are seeing acceleration of 30% or more in transformation workstreams and time-to-value for new features. "Enterprise systems were built to be customised," said Sahir Azam, Partner at Index Ventures and previous CPO at MongoDB. "That is why they are so powerful and also why they have become so difficult to operate. We are now seeing agents take over work that used to require entire teams of people, whether that is writing code, handling customer support, or running back-office operations. Conduct is going after one of the largest and least visible pools of that work: the manual labour required to manage complex enterprise IT systems at the core of business." "Execution speed is a critical challenge of the AI era, but core systems of record were built for stability, not change," said Seth Pierrepont, General Partner at ICONIQ. "Conduct helps make the decades of business logic trapped inside those systems understandable and executable for the first time, removing the bottleneck at its source. We believe this makes it essential infrastructure for the next generation of enterprise AI." Alongside its investment, SAP recently named Conduct as a strategic AI partner for transformation with SAP Cloud ERP applications. Conduct has also established partnerships with BCG and NTT DATA Business Solutions, two of the world's largest SAP transformation partners, to support the delivery of enterprise software transformation programs. Conduct will use the new capital to expand its engineering and go-to-market teams, deepen its SAP capabilities, and accelerate work across Salesforce, Oracle, MES, WMS, and other systems. The company has a team of approximately 35 people in London and is hiring in the United States. About Conduct Conduct is the AI operating system that lets enterprises understand, operate, and change the complex software systems they run on. The company reduces the time between a business decision and its execution in software by mapping the business logic buried inside decades of customization and making it understandable, actionable, and executable. Founded by former Palantir leaders JP Haas, Philipp Hoefer, and Henry Thompson, Conduct works with some of the world's most operationally complex enterprises, including Daimler Truck, Heidelberg Materials, Fraport, DHL, among others. Conduct is also a strategic AI partner for transformation with SAP Cloud ERP applications, and has established partnerships with BCG and NTT DATA Business Solutions. SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices. All other product and service names mentioned are the trademarks of their respective companies.