Parametrix raises $17.5 million

Tel Aviv-based MGA offering parametric insurance for system downtime Parametrix Insurance has raised $17.5 million in funding from VC firms including FirstMark Capital with participation from F2 Ventures.

Founded in 2018, Parametrix creates parametric (index-based) insurance policies focused on external software downtime, tailored to technology-dependent businesses. “Powered by accurate monitoring systems and precise risk aggregation calculations, leveraging deep actuarial and data science expertise, we are able to create insurance that is claim-free.”

“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.” – Yonatan Hatzor, CEO at Parametrix Insurance.

“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.” – 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.” – Jonathan Saacks, Managing Partner at F2 Venture Capital.