Israeli downtime digital insurance provider Parametrix Insurance today announced the completion of a $17.5 million financing round from FirstMark Capital with participation from F2 Ventures, Trend reports with reference to Globes.
With offices in Tel Aviv and New York, Parametrix Insurance was founded by CEO Yonatan Hatzor, CTO Neta Rozy, COO Ori Cohen, and Tamir Carmel. The new funding will be used to accelerate global expansion with sales in more countries, either directly or through the company's fast-growing network of insurance brokers.
Parametrix’s hassle-free fast-paying policies protect companies from financial losses due to downtime, enabling companies to quickly manage their risk and quickly get back to business. The company's affordable parametric offerings pay out in full within 15 days when downtime triggers are met, without requiring customers to go through lengthy claims adjustment processes or restricting them in terms of how they use the funds.
Parametrix has developed a monitoring system on a multi-cloud environment which continuously tracks the availability and performance of third-party IT services worldwide. The system collects millions of pieces of granular data points and metrics every day, with detection capabilities down to the millisecond. This is the basis for our predictive modeling and risk assessment algorithms, enabling us to provide our customers with a full insurance solution.
Hatzor said, "The business world’s dependence on cloud solutions is rapidly accelerating. To help them hedge this external risk, we created a new category in the insurance market by introducing reliable protection from the cloud downtime incidents that inevitably occur."