Funds for Shopper Experience Specialist Fermat

Personalized shopping experience company Fermat, based in San Francisco, has more than doubled its funding to date with a $17m raise. The firm's software allows users to launch, test and optimize web pages based on individual customer journeys and the preferences and intentions they reveal.

Fermat was founded in November 2021 by two former LiveRamp product and engineering execs, Rishabh Jain and Shreyas Kumar. Its software picks up data from consumers' engagement with brands on social media, email or SMS - including information such as which products they like and discounts they've seen - and uses AI and machine learning to provide a personalized journey all the way through to a sale. It also learns from the success and course of these journeys to improve subsequent messaging. In the last few months it has launched features including 'shop level experimentation- creating multiple versions of a shop and splitting traffic to see which is driving client-specified desired outcomes; and customizable analytics, giving data on a consumer's interactions with the store for every campaign, natively in the tool.

The latest funding, led by Scott Friend at Bain Capital, adds to around $13m raised previously. Existing investors at Greylock, QED and Courtside also participated.

Web site: www.fermatcommerce.com .