Parametrix Insurance, a Tel Aviv, Israel-based IT downtime insurance provider, raised $17.5M in funding.
The round was led by FirstMark Capital with participation from F2 Ventures.
The company intends to use the funds to accelerate global expansion, with sales in more countries either directly or through a network of insurance brokers.
Led by Yonatan Hatzor, CEO, Parametrix Insurance is an insurtech company, which ensures companies with mission-critical services in the cloud can recover from IT downtime events. The company’s insurance offerings protect businesses (such as cloud providers, e-commerce services, payment gateways and CRM systems among many others) from the financial damages incurred during outages caused by third parties such as cloud, e-commerce, payments, CRM and CDN service providers.
When go down, their customers suffer both financially and operationally due to significant direct revenue losses, customer SLA compensation, expenses related to reputational damage and diminished productivity.