Conduct Secures $60M to Turbocharge Software Modernization
Conduct AI Ltd, a company behind the code modernization platform of the same name, has just closed a $60 million funding round to accelerate its ambitious mission: making software development faster and more efficient.
This significant investment was co-led by Index Ventures and ICONIQ, with SAP SE also joining the fray. Conduct AI’s existing backers, Creandum and Lucid Capital, were happy to return for another round.
The Conduct platform uses AI to analyze and refactor existing code, helping developers speed up their projects by reducing maintenance costs and streamlining the development process. This can be particularly valuable for large-scale software systems, which often become cumbersome and hard to maintain over time.
Founded in 2019, Conduct AI is just starting to make a significant impact in the industry, but it’s already caught the attention of major investors and corporate players. With this influx of capital, the company plans to expand its team, enhance its platform, and further improve its AI-powered code analysis capabilities.
The Practical Impact of Code Modernization
The real-world consequences of Conduct’s work can be substantial. According to a survey by the market research firm Forrester, companies that fail to modernize their software applications may end up losing up to 30% of their revenue due to technical debt and inefficiencies.
By using Conduct’s platform, developers can avoid these pitfalls and deliver their projects faster, which in turn can lead to cost savings, improved customer satisfaction, and increased competitiveness. As software development continues to become increasingly complex, tools like Conduct’s are becoming essential for businesses looking to stay ahead of the curve.
