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.
