Fermat
San Francisco, US · Founded 2021 · 91 employees on LinkedIn · 22 known investors
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Fermat provides an agentic commerce platform that helps brands analyze shopper behavior, test changes, and optimize purchasing paths in real-time. The platform serves e-commerce and retail teams seeking to accelerate the conversion of customer insights into measurable business actions.
Also known as FERMAT · FERMÀT · Fermat Commerce, Inc.
Founders & leadership
Fermat was founded in 2021 by Rishabh Jain and Shreyas Kumar.
Board
Investors · 22
Also in the syndicate · 15
Funding
SEC filings, press & company announcements$65.3M disclosed across 3 of 9 rounds · 2022–2025
- Undisclosed amountSeries BJun 2025 · 2 sourcesSource ↗
- Undisclosed amountSeries AMar 2024 · 2 sourcesSource ↗
▶$40MraisedJun 2025 · 7 investors · OtherRule 506(b)
- Indranil GuhaDirector
- Scott FriendDirector
- Rishabh M. JainExecutive Officer, Director
- Shreyas KumarExecutive Officer, Director
- Offering amount
- $45.1M
- Amount sold
- $40M
- First sale
- May 2025
- Incorporated
- Corporation, Delaware, 2021
- Federal exemptions
- 06b
▶$17MraisedMar 2024 · 12 investors · OtherRule 506(b)
- Scott FriendDirector
- Rishabh M. JainExecutive Officer, Director
- Shreyas KumarDirector
- Offering amount
- $17M
- Amount sold
- $17M
- First sale
- Dec 2023
- Incorporated
- Corporation, Delaware, 2021
- Federal exemptions
- 06b
▶$8.3MraisedNov 2022 · 10 investors · Other TechnologyRule 506(b)
- Shreyas KumarDirector
- Rishabh M. JainExecutive Officer, Director, Promoter
- Offering amount
- $10.6M
- Amount sold
- $8.3M
- First sale
- Jul 2022
- Incorporated
- Corporation, Delaware, 2021
- Federal exemptions
- 06b
Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.
Company profile
researched Aug 2026Fermat 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.
▸Full profile — profile (continued), go-to-market, ownership
Profile (continued)
Through 2025–2026 Fermat repositioned itself explicitly as an 'AI-native commerce platform' built around an agentic loop — Detect (behavioral signal/analytics via its public-beta 'Commerce Graph' launched April 2026), Recommend (search, merchandising, next-best-action), and Generate (experiences, variants, and tests) — aimed at replacing the fragmented stack of analytics, testing, landing-page, and merchandising SaaS tools brands had stitched together. It made Pierre the default home-page/copilot experience (April 2026), shipped an MCP (Model Context Protocol) endpoint so brands can query their Fermat data from Claude, ChatGPT, and other AI tools (March 2026, with Backcountry as first live external brand), and added AI-generated product imagery, Shopify Markets localization, and BigCommerce support. In July 2026 Fermat spun out a related but distinct product, august (getaugust.ai), a 'Digital Twins' platform that builds AI replicas of a brand's real customers for on-demand interviews and focus-group-style research.
As of mid-2026, Fermat describes itself as working with 100+ brand partners (GNC, Away, Backcountry, Scotts Miracle-Gro, BISSELL, Glossier, Travelpro, and dozens of DTC brands such as Beam Organics, Love Wellness, De Soi, and CADDIS Eyewear among its published case studies), holds SOC 2 Type II, GDPR, and CCPA compliance certifications, and continues to be led by co-founders Jain and Kumar with backing from Greylock, QED Investors, Bain Capital Ventures, VMG Partners, and Courtside Ventures.
Go-to-market
High-growth DTC brands, performance-marketing teams, and enterprise retailers (100+ named brand customers as of 2026), plus marketing/growth agencies that implement Fermat on behalf of brand clients.
Ownership
private
Compiled by commissioned research from 19 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Competitors · 9
by search overlap
Companies competing with Fermat for the same Google search keywords, organic and paid, via search-intersection analysis.
Customers & partners
Named customers · 11
Relationships the company or its partners disclosed publicly — case studies, joint announcements, press.
Timeline · 16
launches, deals, and filingsFermat opens signups for august, a 'Digital Twins' human-prediction research platform that builds AI replicas of a brand's real customers for on-demand interviews and simulated focus groups.
FERÀT adds AI-generated product imagery directly inside its Media Carousel component, letting marketers create on-brand product visuals for any variant without a photo shoot.
FERÀT replaces its data/KPI-first dashboard home page with Pierre, an AI copilot that answers natural-language questions and proactively surfaces action items.
Launches Commerce Graph, a behavioral intelligence layer that connects session, heatmap, analytics and CDP signals into a single queryable model of on-site shopper behavior.
FERÀT announces support for the BigCommerce platform, expanding beyond its Shopify/Salesforce Commerce Cloud integrations.
FERÀT launches a Model Context Protocol (MCP) endpoint letting brands query their FERÀT data (36 read-only tools across catalog, analytics, AI Search, experiments, session recordings, heatmaps, anomaly detection) from Claude, ChatGPT, and other AI tools; Backcountry is first external brand live on the integration.
FERÀT ships end-to-end localized pricing/currency support for brands using Shopify Markets, from landing page through cart and checkout.
Series B led by VMG Partners with continued participation from QED Investors, Greylock, Bain Capital Ventures, and Courtside Ventures; covered exclusively by Axios Pro. Positioned as funding for 'the next era of commerce with AI.'
Announced $45 million Series B led by VMG Partners with participation from existing investors QED Investors, Greylock, Bain Capital Ventures and Courtside Ventures. Proceeds earmarked for AI capabilities, team growth, agency partnerships and commerce data infrastructure.
$45M source ↗
The company partners with performance marketing agencies Tinuiti and Common Thread Collective; Tinuiti's SVP of Strategic Partnerships was quoted in the Series B announcement.
Recent product launches cited in the Series B announcement: an AI agent that generates funnel strategies, LLM-based behavior heatmaps, a real-time funnel visualizer, a natural-language data explorer, and the Commerce Brain shopper behavior data graph.
FERMÀT announced an AI Search Commerce Engine to help brands capture AI search traffic from ChatGPT, Claude and Gemini.
Series A led by Scott Friend at Bain Capital Ventures, with Greylock, QED Investors, and Courtside Ventures participating; total capital raised to date exceeded $30M. Company reported serving 100+ high-growth brands including True Classic, Jack Archer, mindbodygreen, and U Beauty.
Series A round reported at $17 million, listed with Bain Capital Ventures as lead investor.
$17M source ↗
Rishabh Jain and Shreyas Kumar found Fermat after identifying the gap between behavioral data and fast, personalized commerce experiences while working together at LiveRamp.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
Legal entities · 1
corporate structureIn the news
▸Research sources · 19
primary sources listed
- Introducing augustFermat · company blog
- Announcing Our Series B: Defining the Next Era of Commerce with AIFermat · company blog
- FERÀT Raises $17M Series A to Accelerate Our MissionFermat · company blog
- FERÀT | The AI-Native Commerce Platform (homepage)Fermat · company website
- About FERÀTFermat · company website
- Careers | FERÀTFermat · company website
- NewsroomFermat · company website
- Customers: FERÀT Case StudiesFermat · company website
- Fermat — Greylock PortfolioGreylock Partners · investor website
- Fermat Commerce: Funding, Team & Investors | Startup Introsstartupintros.com · web
19 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Fermat do?
- The AI-Native Commerce Platform
- Who founded Fermat?
- Fermat was founded by Rishabh Jain, Shreyas Kumar in 2021.
- Who are Fermat's investors?
- Fermat's investors include Bain Capital Ventures, Courtside Ventures, Dynamism Capital, Greylock Partners, Montage Ventures, QED Investors, VMG Partners.
- How much funding has Fermat raised?
- Fermat has disclosed $65.3M raised across 3 of its 9 known rounds.
- Where is Fermat headquartered?
- Fermat is headquartered in San Francisco, US.