Insurtech company Parametrix raises $17.5 million led by FirstMark Capital
Summary
Parametrixs offering ensures that companies with mission-critical services in the cloud can quickly recover from IT downtime events. The funding round is aimed at accelerating global expansion and recruiting dozens of engineers to expand the companys R&D center in Israel. Almost all companies now rely on third-party cloud-based services for their mission-critical activities, and provider downtime remains out of their control. When cloud providers, eCommerce services, payment gateways, and CRM systems among many others 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. 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,” said Yonatan Hatzor, CEO at Parametrix Insurance.