Parametrix Team. (Photo David Grab company pic)
Parametrix Insurance is an Israeli IT downtime insurance provide. It has raised $17.5 million in funding from leading VC firms including FirstMark Capital with participation from F2 Ventures.
Founded in 2019 by CEO Yonatan Hatzor and COO Ori Cohen, Parametrix Insurance 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. The company states that its parametric policies are simple: hassle-free claims & quick payments.
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Parametrix boasts that it has developed a state-of-the-art monitoring system on a multi-cloud environment that continuously tracks the availability and performance of third-party IT services across the globe. 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 the company’s predictive modeling and risk assessment algorithms which enable them to provide customers with a full insurance solution.
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“Our fast-paying, automatically-triggered policies provide technology-reliant businesses with the liquidity and business continuity they need to quickly recover after downtime occurs.”
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Running mission-critical apps in the cloud? Minimize the effects of downtime with these 3 strategies: select stable regions, build redundancy & get insurance. https://t.co/beRJlyMgF0 #DigitalTransformation #cloud #Insurtech #businesstips pic.twitter.com/38fOECP0aw
— Parametrix Insurance (@Parametrixinsur) May 11, 2021
“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,” said Yonatan Hatzor, CEO at Parametrix Insurance. “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 has built an incredible platform to monitor third-party cloud platforms at an extremely granular level. Having seen first hand the impact of downtime within our portfolio, we believe cloud downtime insurance will become a core part of every company’s business continuity plan,” added Amish Jani, Founder and Partner at FirstMark.
“Parametrix has created a first-of-its-kind insurance product for a huge and growing market. The acceleration of digitization and online services means Parametrix is well-positioned to be the leading company of this market,” noted Jonathan Saacks, Managing Partner at F2 Venture Capital.
