Israeli digital insurance provider during downtime Parametrix insurance today announced the completion of the $ 17.5 million FirstMark Capital funding round with the participation of F2 Ventures.
With offices in Tel Aviv and New York, Parametrix Insurance was founded by CEO Yonatan Hatzor, CTO Neta Rozy, CEO Ori Cohen and Tamir Carmel. The new financing will be used to accelerate global expansion by selling in more countries, either directly or through the fast-growing network of insurance broker companies.
Parametrix’s fast payment policies seamlessly protect companies from financial losses due to downtime, allowing companies to quickly manage their risk and get back to business quickly. The company’s affordable parametric offers are paid in full within 15 days when the downtime triggers are met, without requiring customers to go through lengthy receivables adjustment processes or limiting them in terms of how they use the funds.
Parametrix has developed a multi-cloud monitoring system that continuously monitors the availability and performance of independent IT services around the world. The system collects millions of pieces of granular data points and measurement data every day, with detection capabilities up to milliseconds. This is the basis for our predictive modeling and risk assessment algorithms, enabling us to provide our customers with a complete insurance solution.
Hatzor said: “The business world’s dependence on cloud solutions is accelerating rapidly. To help protect them from this external risk, we have created a new category in the insurance market by introducing reliable protection against cloud congestion that inevitably occurs.”
Posted by Globes, business news in Israel – en.globes.co.il – May 26, 2021
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