Conduct, an AI operating system for enterprise software, has raised £45 million in a Series A co-led by Index Ventures and ICONIQ, with strategic investment from SAP. The round also saw existing backers Creandum, Lucid Capital, and Booom double down. The funds will be used to expand Conduct's engineering and go-to-market teams, extend the platform beyond SAP across the wider enterprise stack, and establish a second headquarters in New York.
Large enterprises depend on complex, highly customised software systems to run their core operations - from logistics platforms tracking deliveries to supply chain systems managing cross-border imports and operational systems coordinating transport networks. These systems accumulate decades of customisation, often reaching hundreds of millions of lines of code, making them opaque even to the teams responsible for them. Before any change can be made, large IT teams must analyse source code and business teams must conduct hundreds of user interviews, a process that can last months. The result is that business decisions stall in the backlog and transformation projects take years longer than they should.
Conduct addresses this by ingesting an enterprise's custom code, configuration, and dependencies and constructing a single operating layer that links each step of a business process to the code that implements it. Agents analyse source code, gather knowledge about how and why systems were customised, and reason using company-specific context. This removes the manual discovery and analysis work that slows transformation. Business and IT teams are brought onto the same platform for the first time, enabling a change that once took five months to be completed in an afternoon.
The three co-founders - JP, Philipp, and Henry - previously worked together at Palantir, where they observed the same pattern across different businesses, roles, and continents: companies with the capital and will to change were held back by their inability to understand and act on their own software. Conduct's early customers include Daimler Truck, Heidelberg Materials, Fraport, Rittal, and DHL, which handed the platform their most critical systems and reported design cycles running ten times faster, and cost savings of 50 to 80% in key migration phases. BCG, NTT DATA Business Solutions, and SAP have since established partnerships with Conduct. Conduct notes that 87% of global commerce runs through an SAP system, and positions SAP as the starting point for a broader expansion across the enterprise stack.
Every major enterprise is being asked where its AI results are. 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.
Enterprise systems were built to be customised. 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.
