The structural argument behind Conduct's raise is that model performance is converging faster than enterprise deployment tooling can absorb it. As GLM 5.2 and Kimi 2.7 compete on open-weights coding and agentic loops, the differentiator for enterprise buyers shifts from 'which model is best' to 'which coordination layer keeps agents reliable across a quarter's worth of production.' SAP's participation in the round is the most telling signal: SAP is not a model consumer, it is a workflow incumbent, and its investment in an agentic OS is a direct acknowledgment that enterprise process automation requires a control plane that no foundation lab is positioned to deliver.
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