Bringing Clarity to the Enterprise Core: Our Partnership with Conduct

Over the past few years, AI has driven change and efficiency into nearly every corner of the enterprise, from Claude Code in software development to Legora in legal or Ramp in finance. Yet core systems of record have remained largely untouched – because they are opaque, brittle and can’t afford to fail.

We believe we are now at the inflection point where this changes. And we believe Conduct, a company defining the AI operating system for Enterprise IT, will be at the forefront. That is why we are thrilled to announce we are co-leading Conduct’s Series A to support them on this mission.

The immediate catalyst is concrete and urgent. With SAP officially ending mainstream maintenance support for its legacy on-premise ERP product ECC, roughly 30,000 enterprises are being forced into a non-discretionary, multi-year migration to SAPs cloud ERP S/4HANA. Nearly every Fortune 500 company runs on SAP and likely almost none can fully explain how their system works.  Decades of customization have encoded institutional knowledge into millions of lines of code written by people who have since left the company, scattered across undocumented configurations and tribal expertise that exists nowhere in writing. The talent to deliver such a migration successfully is scarce, execution risk is high, and costs reach into the hundreds of millions of dollars – making this a board-level priority. Even once a migration is complete, the hard work continues as optimizing these systems on an ongoing basis is essential.

When speaking with CIOs in our own network, the reaction to Conduct was visceral and consistent. ERP migration and modernization is, by any measure, one of the largest and most acute pain points sitting on a CIO's desk today, and the S/4HANA catalyst is just the tip of the iceberg. 

How do you harmonize business processes that span multiple systems, facilities and regions? Resolve a ticket when an error surfaces in production? Add a new feature without breaking something else? Historically, the answer has been the same: more consultants, more workshops, more time, more money. Unlocking these core systems with a tool like Conduct has the potential to unlock significant efficiency and downstream value. 

Conduct addresses this by doing something that was not technically possible before large language models existed: making semantic sense of millions of lines of proprietary enterprise code at scale. The platform ingests an enterprise's full codebase, configuration, and documentation, and constructs a unified model linking every technical component to the business logic it implements. That context graph becomes the foundation for a layer of specialized agents that execute across the full implementation lifecycle, from process analysis and specification generation through code generation and test automation — moving the category from log-based observation and rules-based automation to true semantic understanding of system behavior and business logic. Critically, this also makes those systems agent-ready, exposing the encoded business logic as skills and tools that AI can execute with full auditability and governance. As companies use the platform, the graph continuously updates, building a data advantage that compounds over time. 

Importantly, Conduct was built as a true product company from day 1. It is deployable in under 48 hours, no armies of consultants, no billable hours and no knowledge that walks out the door when an engagement ends. Conduct helps give the power back to the enterprise. 

While the product sounds promising, what got us most excited was hearing customer validation and evangelism. We have heard Conduct described as a "game changer" and a "dream come true." Tasks that used to take eight hours now take minutes. Tickets that required multi-level consultant escalation resolved in thirty minutes.  Across its customer base, teams are seeing transformation workstreams and time-to-value accelerate by 30% or more. The platform is already embedded inside organizations running large and complex SAP developments, including DAX40 leaders DHL, Daimler Truck, Heidelberg Materials, and Fraport, with viral expansion across new logos accelerating.

Behind the product is a team that deeply understands this market. Our relationship with JP Haas, Philipp Hoefer, and Henry Thompson goes back further than many others. Some of our team have known JP his entire life, and as more of ICONIQ got to know the founders over the past several years, it became clear to us that they were well positioned to tackle this structural problem. All three come from Palantir, where they spent years deployed in some of the world's most complex enterprise environments, not as observers of complexity but immersed in it, earning trust within mission-critical systems. They left convinced of one thing: companies encode their differentiation in these systems, and over time almost no one is left who understands them. Closing that gap is what makes AI meaningful across enterprise IT. These are the systems that help run the business—procurement, manufacturing, supply chains—and until AI can operate on them, its impact likely stops at the edges. Conduct works to bring it to the core, where decisions actually get executed.

It’s not often that so much comes together at once: founders with deep domain expertise, solving enterprises’ most acute and highest-value pain points, with a product that earns advocacy and evangelism from the users living in it every day. We believe we found that in Conduct, which is why we are thrilled to welcome JP, Philipp, Henry, and the entire Conduct team to the ICONIQ community.