A London-based AI startup founded by three former Palantir employees, which is looking to modernise ERP systems, has raised $60m in new funding.
The Series A investment in Conduct was co-led by new investors Index Ventures and Iconiq, with a strategic investment from another new investor, SAP, with participation from existing investors Creandum, Lucid Capital and Booom.
Conduct has raised around $72m in total, following a $12m seed round last year.
Conduct is an enterprise AI startup that helps companies understand, operate and modernise complex legacy ERP (Enterprise Resource Planning) systems, particularly SAP ones, which is the dominant ERP provider.
Its software analyses code and configurations across enterprise systems, then uses AI to leverage that data to help companies better understand ERP systems, speed up software changes, support SAP migrations, and cut IT maintenance, it says.
Conduct’s customers include Daimler Truck, Heidelberg Materials, and DHL.
The 2024-founded startup says it will use the new funds to expand engineering and go-to-market teams among other areas. Conduct employs around 35 people in London and is hiring in the US.
Jan Philipp Haas, CEO and co-founder of Conduct. “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.”
