London barely registers on most maps of artificial intelligence power centers. Yet a 35-person team there just pulled in one of the more striking venture checks of the month. Conduct announced a $60 million Series A on June 17, 2026. Index Ventures and ICONIQ co-led it. SAP wrote a strategic check. Existing backers Creandum, Lucid Capital and Booom joined again. Total capital raised now sits near $72 million.
The founders come from Palantir. Jan Philipp Haas serves as CEO. Philipp Hoefer and Henry Thompson round out the trio. They spent years inside complex government and commercial deployments. Those experiences left them convinced that the biggest barrier to enterprise AI sits buried in millions of lines of custom code.
Conduct calls its product an AI operating system for enterprise software. The software ingests custom code and configurations inside core business systems. It reconstructs the underlying business logic. Then it produces a single, queryable model of how the organization actually runs. Humans can read it. Agents can act on it. Changes can be written, tested and deployed with every dependency already mapped.
That last part matters. Enterprises have layered decades of customization onto packaged systems. The result is opaque even to the teams that maintain them. “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,” Haas told Tech.eu. “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.”
SAP’s looming deadline adds urgency. Mainstream support for its ECC platform ends December 31, 2027. Gartner estimates roughly 17,000 of the 35,000 ECC customers have yet to migrate. Those projects typically run 18 to 36 months. Companies face a compressed timeline and enormous cost. Conduct positions itself as the accelerator that maps the current state, identifies what must move, and shortens the gap between decision and execution.
The company already counts Daimler Truck, Heidelberg Materials, Fraport and DHL among its customers. It claims those organizations achieve 30 percent or greater acceleration in transformation workstreams. Some phases see cost reductions between 50 and 80 percent. Those numbers come from Conduct itself and have not been independently audited. Still, the names signal traction inside heavy industry and logistics, sectors where custom ERP logic runs deep.
Investors see more than a migration play. Sahir Azam, partner at Index Ventures, points to the way customization once delivered competitive advantage yet created systems too complex for rapid change. “Agents are now taking on that work,” he said in coverage by EU-Startups. ICONIQ, known for later-stage data bets such as Snowflake and Databricks, rarely leads early rounds. The firm’s own 2026 AI Adoption Index highlights a shift inside boards from asking whether teams use AI to demanding proof of measurable business movement. Conduct’s approach appears to address exactly where many initiatives stall.
Antoine Pierrepont at ICONIQ framed the bet around speed. “In the AI era, the bottleneck is no longer generating insights but the speed of execution inside complex systems,” he noted. Conduct removes that bottleneck, according to the investor commentary carried across multiple reports.
The new capital will expand engineering and go-to-market teams. It will deepen integration with SAP while accelerating support for Salesforce, Oracle, manufacturing execution systems, warehouse management systems and other platforms. The ambition extends beyond any single vendor deadline. Conduct wants to become permanent infrastructure for organizations that treat their software estate as a living asset rather than a fixed legacy burden.
Competition exists. Celonis, valued near $13 billion, mines processes. ServiceNow automates workflows. SAP itself owns LeanIX for enterprise architecture. Yet few players read the actual custom code at the level Conduct claims and turn it into an operable model that both humans and agents can trust. The distinction could prove decisive as agentic systems move from pilots to production.
But the clock ticks. The SAP migration wave will crest and recede. Conduct must demonstrate that its technology retains value long after 2027. Early customer results suggest the model travels. DHL and Daimler operate sprawling, highly customized environments. If Conduct can deliver consistent speed and cost gains there, the case for broader adoption strengthens.
Haas and his co-founders built their careers on making sense of complexity at scale. Palantir taught them how to surface signal from noise inside massive data volumes. Now they apply similar discipline to the code itself. The bet from Index, ICONIQ and SAP says that discipline has commercial legs.
Enterprise software rarely makes headlines. It powers payroll, supply chains and compliance. When that software becomes legible and changeable at startup speed, the downstream effects touch nearly every large organization. Conduct just received a sizable vote of confidence that such a future arrives sooner than many expect. And that a small team in London helped build it.
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