Conduct raises £44.7m led by Index Ventures and ICONIQ
This article covers Conduct, an enterprise software startup, which has raised £44.7m in a series A funding round co‑led by Index Ventures and ICONIQ with a strategic investment from SAP. The funding will be used to scale an AI platform that maps enterprise code to business processes, supporting large enterprises and shortening the time it takes to change systems that run supply chains and other critical operations.
Conduct has raised £44.7m in a series A funding round co‑led by Index Ventures and ICONIQ, with a strategic investment from SAP, to scale an AI platform that maps enterprise code to business processes — a bid to shorten the time it takes companies to change the systems that run supply chains and other critical operations.
Why it matters
Many large businesses run highly customised internal software that effectively becomes the product of their operations. That bespoke codebase is often the bottleneck when companies try to change routes, suppliers or processes: understanding and updating decades of customisation can take months. Conduct targets that friction point; if it succeeds, the pace at which logistics, manufacturing and other supply chain functions can adapt will increase, with knock‑on effects for costs and responsiveness.
The company highlights a telling statistic: 87% of global commerce runs through an SAP system. That makes Conduct’s positioning — initially focused on SAP landscapes — strategically relevant to a broad set of enterprises.
Inside the product
Conduct describes its product as an “AI operating system for enterprise software.” The platform ingests a company’s source code, configuration and dependency data and produces a single layer that links business process steps to the specific code that implements them. According to the company, software agents then analyse that codebase to capture why systems were customised and to surface actionable knowledge for both business and IT teams.
That visibility is intended to reduce the manual, risky and time‑consuming discovery work that typically precedes system change. Conduct claims examples where design cycles moved 10x faster and where migration phases saw 50–80% cost savings. Named customers include Daimler Truck, Heidelberg Materials, Fraport, Rittal and DHL; partners include BCG and NTT DATA Business Solutions.
### Who's backing the round
Who are the investors?
The round was co‑led by Index Ventures and ICONIQ, and includes strategic investment from SAP. Early investors Creandum, Lucid Capital and Booom participated again, doubling down on their prior stakes.
The funding will be used to expand engineering and go‑to‑market teams, push Conduct beyond SAP across the broader enterprise stack and establish a second headquarters in New York. The participation of SAP is notable because Conduct’s initial product focus is on systems that run a large share of global commerce; that alignment helps explain the strategic rationale for the investment.
The mix of venture investors and a strategic corporate backer reflects a broader pattern among investors seeking exposure to enterprise AI that integrates with incumbent platforms.
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Founder perspective
In the announcement, JP, Philipp and Henry, Co‑Founders at Conduct, said:
We are providing that answer. Conduct is the AI operating system for enterprise software.
In the announcement, JP, Philipp and Henry, Co‑Founders at Conduct, said:
We could not be more excited about the new partners joining us for this next chapter of Conduct, and are just as delighted that our original backers, Creandum, Lucid Capital, and Booom, chose to double down in this round.
They also framed the mission in stark terms:
We refuse to accept that operating complex systems has to be complex work, and we refuse to accept that moving slowly is inevitable.
The bigger picture
Conduct’s raise sits at the intersection of two active trends: AI applied to legacy enterprise systems, and startups that sell into large incumbents by integrating with — rather than replacing — established platforms. For UK and European companies tackling global supply chain complexity, tools that shorten the cycle from business decision to production code could become valuable operational levers.
The deal also underlines a route to scale that combines venture capital and strategic partnerships with incumbents such as SAP. For other startups in the enterprise software and supply chain space, the round is a reminder that investors are prepared to back product approaches that promise to remove operational bottlenecks rather than simply add new point solutions.
They've invested in Conduct
Get to know these AI investors
| Investors | Investment Focus | Startup Investments | Round Size | Connect |
|---|---|---|---|---|
 Index Ventures( ) Index Ventures invests in visionary founders across diverse industries, prioriti... London  | ||||
 ICONIQ Capital( ) San Francisco, US  | ||||
 SAP( ) | ||||
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 Lucid Capital( ) | ||||
 Booom( ) Berlin, Germany  | ||||
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