Conduct, a London-based AI operating system for enterprise software, has raised $60M in Series A funding co-led by Index Ventures and ICONIQ, with strategic investment from SAP. The platform ingests custom code and configurations to link business processes with underlying implementations, enabling IT and business teams to understand, operate, and transform legacy systems like SAP. The capital will accelerate go-to-market efforts and product development for S/4HANA migrations and beyond.
SAP Deadline Fuels Enterprise AI Demand
The timing aligns with the approaching SAP ECC end-of-life in 2027, driving urgency across tens of thousands of enterprises. Nova Intelligence raised $40M including a $31.5M Series A in May 2026 for similar SAP modernization tools. Conduct differentiates through its agentic AI approach that preserves customizations rather than enforcing standardization, addressing the opacity created by decades of tailored enterprise code.
Legacy Customizations Create Costly Bottlenecks
Enterprises spend heavily maintaining complex SAP systems that power 87% of global commerce, with custom code often costing twice as much to maintain as it does to build. Current manual analysis and consulting-led migrations stretch timelines to months or years, blocking AI adoption because agents cannot act on systems they cannot comprehend.
Agentic Layer Bridges Business and Code
Conduct's three modules — Understand, Operate, and Transform — use agentic AI to map dependencies, automate development workflows, and accelerate migrations. Unlike rule-based tools from incumbents, it reasons across full system context to deliver changes in hours instead of months. Customers report design cycles 10x faster and 50-80% cost savings in migration phases.
"A change that once took five months takes an afternoon."
Elite Backers Signal Strategic Validation
Index Ventures and ICONIQ led the round, with SAP participating strategically alongside existing investors Creandum, Lucid Capital, and BOOOM. SAP's involvement coincides with naming Conduct a strategic AI partner, indicating deep integration potential rather than simple financial backing. The round closed less than nine months after the company's $12M seed.
Legacy Modernization Market Expands Rapidly
The legacy modernization market is projected to grow from $24.98B in 2025 to $66.21B by 2031. Enterprise AI platforms are expanding from $13B to $50.3B by 2030. Conduct's broader vision positions it to extend beyond SAP into Oracle, Salesforce, and other systems while competitors remain narrower in scope.
Ex-Palantir Founders Target Global 200
Three ex-Palantir engineers founded Conduct in 2024 after observing the same customization opacity across continents. With roughly 38 employees and plans to reach 100 by year-end, the team is opening a second headquarters in New York to pursue US expansion.