Exclusive: Nova Intelligence raises $31.5 million to bring agentic AI to SAP’s $89 billion migration wave

An estimated 77% of the world’s transactions touch an SAP system at some point. And most of that code is decades old, written in a proprietary language, and locked inside the workflows at the largest enterprises on earth. It is also, by SAP’s own mandate, on a clock.

Nova Intelligence is betting that’s a generational opening. The San Francisco-based startup has raised a $31.5 million Series A led by Chemistry, Fortune exclusively learned, bringing total funding to more than $40 million. Existing investors Accel, Conviction, and SAP.io—SAP’s venture arm—also participated. 

Nova builds an agentic AI platform for SAP—analyzing, modernizing, and generating the custom code that runs payroll, supply chains, and finance functions inside Fortune 500 environments. 

“We’re an AI platform for SAP that accelerates the work that companies are doing on SAP across really the full life cycle, from design to development to testing,” co-founder and CEO Emma Qian........

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