- ICONIQ, which has backed Snowflake, Databricks, Anthropic, and ElevenLabs, has just invested in a 35-person London startup at the Series A stage.
- Conduct raised $60 million in a round co-led by Index Ventures and ICONIQ, with SAP also investing. The goal is to help large companies understand and change their complex software systems.
- Mainstream SAP ECC support ends December 31, 2027. According to Gartner, approximately 17,000 of 35,000 ECC customers have not yet migrated.
Large enterprises often cannot see what is happening inside their software. Years of custom changes to things like procurement, manufacturing, and approvals have hidden important business rules in millions of lines of code. No one person or team can fully understand it. So, companies bring in experts to analyse their systems, a process that can take months.
Conduct was founded in 2024 by Jan Philipp Haas, Philipp Hoefer, and Henry Thompson to solve this problem. Before that, they led commercial and product work at Palantir for big clients in Europe and Japan.
Today, the London-based startup has raised $60 million to show that its solution can work for large organisations. Index Ventures and ICONIQ co-led the Series A, with SAP joining as a strategic investor. Existing investors Creandum, Lucid Capital, and Booom also took part.
With this round, Conduct has raised about $72 million in total, after a $12 million seed round led by Creandum in September 2025.
The product
Conduct reviews of custom code, settings, dependencies, and integrations in core software systems, mainly SAP, and connect each technical part to its business purpose.
Teams can ask questions such as what a field change will affect, where a pricing rule is applied, or which items a migration will touch. The platform creates the code, tests, and steps needed to make changes safely. Customers such as Daimler Truck, Heidelberg Materials, Fraport, and DHL already use Conduct, and their transformation projects are moving at least 30% faster.
“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,” says Haas.
The clock is making investors move
The urgency comes from SAP ending mainstream support for ECC on December 31, 2027, with no confirmed extensions. Migrations take 18 to 36 months. Gartner says about 17,000 of SAP’s 35,000 ECC customers still need to migrate. Organisations that have not started yet are running out of time. This group is Conduct’s main target.
SAP knows this is a big challenge and is backing a company that helps its customers move from old systems. With this funding, SAP has named Conduct a strategic AI partner for SAP Cloud ERP applications, which is rare for a company like SAP. Conduct has also teamed up with BCG and NTT DATA Business Solutions, two of the world’s largest SAP transformation firms.
ICONIQ usually invests at later stages and has a portfolio worth over $100 billion, including companies like Snowflake, Anthropic, Databricks, Figma, and ElevenLabs. Joining a Series A in London is unusual for them.
Seth Pierrepont, general partner at ICONIQ, says, “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.”
“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,” adds Sahir Azam, partner at Index Ventures and former CPO at MongoDB.
Market and competition
The global ERP software market was worth $77 billion in 2025 and is expected to reach $157 billion by 2033, growing at 9.5% each year. The modernisation space is getting more competitive.
LeanIX, which SAP bought in 2023, focuses on enterprise architecture visibility. Celonis, valued at $13.2 billion in its 2022 Series D, specialises in process mining. ServiceNow’s ITOM suite manages IT operations but does not create change-ready code from custom ERP logic.
Conduct goes beyond analysis to execution, generating code and tests instead of just mapping the system. The new funding will help grow the engineering and sales teams, improve SAP features, and expand the platform to cover Salesforce, Oracle, MES, and WMS systems.
The SAP migration rush will not last forever. The main question is whether Conduct can become essential infrastructure before this window closes, and if its method can work for other systems in the future.
