Parametrix Insurance has raised $17.5 million in funding from leading VC firms, including FirstMark Capital with participation from F2 Ventures, the company announced Wednesday.
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Parametrix ensures that companies with mission-critical services in the cloud can quickly recover from IT downtime events, covering protection from financial damages incurred during outages caused by third parties such as cloud, eCommerce, payments, CRM and CDN service providers.
"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.
"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," said Amish Jani, Founder and Partner at FirstMark.
