As a self-admitted commerce nerd who has reported closely on e-commerce since 2013 (in tons of articles, yes, but also in book, podcast, and onstage interview form), the rise of companies big and small that are using generative and agentic AI systems to innovate in and around consumer purchasing decisions has been a breath of fresh air. 

Today, even as a naturally skeptical person allergic to BS, I feel like the sector is on the verge of legitimate widespread disruption. Many new companies will fail, but a wave of new ideas should be welcomed. So when I saw two investors from Andreessen Horowitz—general partner Alex Rampell and investing partner Justine Moore—recently published their thesis on how an AI-powered commerce revolution might play out, I was intrigued. (If you’re interested in this space, it’s worth reading their thesis in full when you have the time.) 

In short, their work outlines how they foresee AI assistants and agents playing a role in five different buckets of transaction types, from routine ones like grocery shopping where AI agents may execute a purchase when you’re close to running out of an item and the price drops to your preferred level (a modern version of price tracker camelcamelcamel perhaps), to functional purchases like an oven, or a bike for commuting, where specialized AI consultants might guide you toward the best purchase in exchange for a small fee. 

“If you’re buying a bike for $3,500 that you’re going to use every day,” Moore told me, “and you have this AI coach who walks through with you exactly what you might need, based on all of these specifications, maybe you’re willing to throw an extra $50 that way, versus if you’re buying a $50 sweater, you’re probably not going to be willing to pay the AI.”

Another consideration is attribution. Moore relayed the use case of high school and college-age girls who subscribe to ChatGPT Pro predominantly to help them identify the outfits (or dupes) worn by celebrities or influencers that they’ve seen on TikTok and that they want to purchase. OpenAI likely isn’t getting financial credit for its role in that transaction, because the old ways of tracking purchase credit through cookies and last-click attribution largely don’t work in this new world.

But that could be a big startup opportunity too, Rampell said.

“If you actually conduct your shopping in ChatGPT [in the future], then no [webpage] is being rendered potentially,” he said. “So there’s an opportunity to completely rewrite this—for a startup to do that, partially because you can’t be a combatant and Switzerland. And what I mean by that is, sure it would make sense for ChatGPT or Gemini to [tell brands or retailers to] use our attribution system, but they’re combatants too.”

Data sets focused on product specifications and product reviews could also serve as a new battleground for innovation and competition. 

“We’ve actually started to see startups say, ‘I’m going to have an agent look for every video…hashtagged with this thing,” Moore said, “and transcribe that video, pull out the product-related information…and add it to their knowledge base so that’s their differentiated layer to pull from when recommending products.”

At a high level, Rampell said that the VC firm is taking a patient approach on the consumer side, “kind of waiting for something to really show traction, as opposed to us trying to outsmart the market.” 

He allowed that an incumbent like Amazon could end up growing even faster due the power of its closed ecosystem and crowding out many would-be startup disruptors. (Some entrepreneurs believe the opposite.)

But on the enterprise side, Rampell believes, there’s tons of green room to pursue, from new payments infrastructure that supports AI agents making transactions across disparate websites and apps, to consolidating and enhancing the right data to make existing product catalogues discoverable in this new world.

“No matter how this takes off,” Rampell added, “there’s a lot of infrastructure that needs to change.”

We’ll see you next week,

Jason Del Rey
X: @delrey
Email: Jason.delrey@fortune.com

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VENTURE DEALS

- Imagine Pediatrics, a Nashville, Tenn.-based provider of virtual and in-home care for children with special health care needs, raised $67 million in Series B funding from Oak HC/FT, Optum Ventures, and others.

- Samara, a Redwood City, Calif.-based homebuilder, raised $34 million in Series B funding. Thrive Capital led the round.

- Ultralytics, a London, U.K.-based vision AI company, raised $30 million in Series A funding. Elephant led the round and was joined by SquareOne.

- Finary, a Paris, France-based wealth management platform, raised €25 million ($29.5 million) in Series B funding. PayPal Ventures led the round and was joined by LocalGlobe, Hedosophia, Shapers, and existing investors Y Combinator and Speedinvest.

- Extend, a New York City-based spend management platform, raised $20 million in new funding. B Capital led the round and was joined by March Capital, Point72 Ventures, FinTech Collective, and Commerce Ventures.

- Mueon, a Portland, Ore.-based developer of semiconductor-based systems and hyperscale computing, raised $15.5 million in seed funding. Intel Capital led the round and was joined by Geodesic Alliance Fund and Oregon Venture Fund.

- Centari, a New York City-based deal intelligence platform, raised $14 million in funding from Sentinel Global, GTMFund, South Park Commons, ALT Capital, RiverPark Ventures, Recall Capital, and others.

- Blacksmith, a San Francisco-based developer of continuous integration technology, raised $10 million in Series A funding. Google Ventures led the round and was joined by existing investors and angel investors.

- MoldCo, a Boston, Mass.-based digital health platform designed to make mold detox part of routine preventative care, raised $8 million in seed funding. Cantos and Collaborative Fund co-led the round.

- Seven Starling, a New York City-based virtual provider of women’s behavioral health services, raised $8 million in funding. Rethink Impact led the round and was joined by Pear VC, Zeal Capital Partners, Magnify Ventures, Ulu Ventures, Expa, and others.

- XL Batteries, a Marlborough, Mass.-based energy storage company, raised $7.5 million from Merrin Investors. 

- Vibranium Labs, a New York City-based provider of AI-powered incident management solutions, raised $4.6 million in seed funding. Calibrate Ventures and Mirae Asset led the round and was joined by a16z, Franklin Templeton, Plug and Play, Gaingels, Wildcard Capital, FalconX, and DCG.

- Nolla Health, a New York City-based AI-powered personal healthcare platform, raised $4.5 million in seed funding. General Catalyst led the round and was joined by SNÖ Ventures and angel investors.

- Seapoint, a Dublin, Ireland-based AI-powered platform designed to provide financial services for startups, raised $3 million in pre-seed funding. Frontline Ventures led the round and was joined by Tapestry VC and angel investors.

EXITS

- Astira Capital Partners acquired Altus Commercial Receivables, a Metairie, La.-based commercial debt collection agency, from BharCap Partners. Financial terms were not disclosed.

- GrowthCurve Capital acquired PlanHub, a West Palm Beach, Fla.-based cloud platform for commercial construction professionals, from Mainsail Partners and others. Financial terms were not disclosed.

- Nautic Investment acquired a majority stake in TIME Education, a Seoul, South Korea-based private education company, from ICG. Financial terms were not disclosed.

- Onex Partners acquired Integrated Specialty Coverage, a Carlsbad, Calif.-based insurance platform, from KKR. Financial terms were not disclosed.

IPOs

- Netskope, a Santa Clara, Calif.-based cloud security company, raised $908 million in an offering of 47.8 million shares on the Nasdaq priced at $19. The company posted $616 million in sales for the year ended July 31, 2025.

FUNDS + FUNDS OF FUNDS

- Point 41 Capital, a Cos Cob, Conn.-based private equity firm, raised $400 million for its first fund focused on middle-market specialty industrial and service businesses.

- T.Rx Capital, a Boston, Mass. and San Francisco-based venture capital firm, raised $77.5 million for its first fund focused on biotech and tech-enabled services companies.

PEOPLE

- Centerbridge Partners, a New York City-based private equity firm, hired Tim van Biesen as senior managing director. Previously, he was with Bain & Company.