Fermat

Fermat was founded in 2021 by Rishabh Jain (CEO) and Shreyas Kumar (CTO), who had previously worked together at LiveRamp and saw firsthand how difficult it was for brands to turn rich customer data into fast, differentiated shopping experiences. The founding thesis was that privacy shifts (loss of third-party cookies/tracking) had broken traditional marketing playbooks just as marketers needed to deliver a distinct on-site experience for every ad, email, SMS, or social touchpoint — something existing tools made too slow and engineering-intensive to do at scale. The company launched as a no-code tool for building AI-personalized, shoppable landing pages and 'advertorial shops' tied to specific campaigns, letting marketers rapidly spin up and test on-site experiences without engineering support.

Fermat raised institutional backing early, with Greylock (partner Saam Motamedi) investing at the seed stage. In March 2024 the company announced a $17M Series A led by Scott Friend at Bain Capital Ventures, with existing investors Greylock, QED Investors, and Courtside Ventures participating — bringing total capital raised at that point to over $30M. By that time Fermat said it had served over 100 high-growth brands, including True Classic, Jack Archer, mindbodygreen, and U Beauty, and had shipped features such as shop-level experimentation, customizable shop analytics, and 'Forever Links' (persistent campaign links whose destination marketers could swap without touching ad creative).

In June 2025, Fermat announced a $45M Series B led by VMG Partners, with continued participation from QED Investors, Greylock, Bain Capital Ventures, and Courtside Ventures (covered exclusively by Axios Pro), bringing disclosed lifetime funding to roughly $75M+. By then the platform had evolved well beyond landing pages into a broader 'commerce brain': an anonymized behavioral graph powering AI merchandising, offer generation, and full-funnel personalization, an AI agent ('Pierre') that builds funnel strategies from store performance and audience data, and tools like heatmaps/funnel visualizers and a natural-language data explorer. Customers at Series B included BISSELL, Glossier, ILIA Beauty, GNC, and Unilever's Olly, alongside continuing customers like Backcountry, Travelpro, and Scotts Miracle-Gro.

Business model

B2B SaaS sold to e-commerce/DTC and enterprise retail brands (and their agencies), typically deployed on top of Shopify, Shopify Plus, Shopify Markets, BigCommerce, and Salesforce Commerce Cloud storefronts.

Subscription / platform licensing (SaaS), likely tiered by traffic, GMV supported, or feature modules; exact pricing not publicly disclosed.