Conduct: Capital Raising

The leadership read

Conduct enters Series A having already landed Daimler Truck, DHL, and Heidelberg Materials as customers, meaning the capital commitment here is not validation-seeking but acceleration. The $60m commits the company to a US GTM build and engineering scale-up from a 35-person base, while SAP's strategic cheque simultaneously signals a partnership vector and a potential distribution dependency. The product thesis, that legacy ERP complexity has become the primary blocker for enterprise AI deployment, positions Conduct as infrastructure for AI rollouts, not an AI application itself. That is a materially different commercial and technical conversation. This is one of the more distinct enterprise-infrastructure raises among the 12 capital events we tracked on 17 June, the majority of which were cross-sector and not directly comparable. The closer peer signal sits in the broader pattern of Palantir-alumni-founded B2B infrastructure companies attracting tier-one backing; the SAP co-investment specifically echoes the ERP-modernisation-via-AI thesis that has drawn capital to adjacent players in the DACH-UK corridor over the last two quarters. Companies at this stage of enterprise AI infrastructure buildout, particularly those moving from a concentrated European customer base into US accounts, face concentrated demand for commercial leadership with complex-sales heritage in large-account ERP or IT-transformation environments, alongside product leadership capable of managing a strategic investor relationship without ceding roadmap autonomy.