Parametrix Insurance, an Israel-based insurtech startup, recently announced it secured $17.5 million through its latest investment round, which included participation from FirstMark Capital and F2 Ventures.
Founded in 2019, Parametrix Insurance explained it provides insurance policies covering third-party IT downtime events such as cloud outages, e-commerce downtime, payment failures, and other disruptions from SaaS, PaaS and IaaS platforms.
“Our fast-paying, automatically-triggered policies provide technology-reliant businesses with the liquidity and business continuity they need to quickly recover after downtime occurs.”
Speaking about the investment, Yonatan Hatzor, CEO at Parametrix Insurance, stated:
“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. I am very proud that FirstMark has joined our journey and excited to move together into our rapid growth phase during which we will expand our operations around the world.”
Parametrix went on to add that it will be using the new funding to accelerate global expansion.