🏆 Deal of the Week · KW 25/2026
Conduct raised USD 60 million in a Series A round; valuation remains undisclosed. The round was co-led by Index Ventures and ICONIQ, with strategic investment from SAP. The raise positions Conduct as one of the more heavily capitalised early-stage enterprise AI companies in Europe.
Conduct — key deal facts
| Company | Conduct |
| Founded | 2024 |
| Headquarters | London, United Kingdom |
| Amount raised | USD 60m |
| Valuation | Valuation Remains Undisclosed |
| Round | Series A |
| Investors | The round was co-led by Index Ventures and ICONIQ, with strategic investment from SAP and participation from existing investors Creandum, Lucid Capital and Booom. |
| Sectors | AI, Enterprise Software, IT |
Who invested in Conduct?
The Series A was co-led by Index Ventures and ICONIQ, with SAP participating as a strategic investor. Existing backers Creandum, Lucid Capital, and Booom also participated. The presence of SAP as a strategic investor is particularly notable, given that Conduct's initial product focus centres on SAP ERP estates.
What does Conduct do?
Conduct is an AI-native platform designed to make complex enterprise software systems transparent, operable, and modernisable. Its core product functions as an AI operating system for ERP environments, enabling IT leaders and business stakeholders to interact with their ERP systems in plain language through agentic AI. The company launched with a focus on SAP and intends to extend coverage across the broader ERP landscape. Conduct was founded in 2024 by Jan Philipp Haas, Philipp Hoefer, and Henry Thompson, and is headquartered in London, United Kingdom.
Conduct valuation & multiples
Conduct operates at the intersection of Enterprise Software, AI, and IT — sectors where European benchmarks for Q1 2026 indicate EV/Sales multiples of 3.42x–3.87x and EV/EBITDA multiples of 16.32x–18.66x at the Series A stage. As valuation has not been disclosed, these ranges serve as reference points for contextualising the USD 60 million raise relative to sector peers. Readers can explore the underlying data in full on the DealMatrix AI and Enterprise Software sector multiples pages.
Explore the benchmarks: Series A IT.
Frequently asked questions
How much did Conduct raise in its Series A?
Conduct raised USD 60 million in its Series A round.
What is Conduct's valuation?
Conduct's valuation was not disclosed as part of this funding announcement.
Who invested in Conduct?
The round was co-led by Index Ventures and ICONIQ, with strategic investment from SAP and participation from existing investors Creandum, Lucid Capital, and Booom.
When was Conduct founded and where is it based?
Conduct was founded in 2024 and is headquartered in London, United Kingdom.
Source: original announcement — read the full report.