Parametrix Insurance raises $17.5 million to offer cloud downtime insurance
Insurtech is picking up steam in a big way, but startup Parametrix thinks there is still plenty of room left to innovate. The company, which today announced the close of a $17.5 million funding round, offers insurance policies for companies who rely on third-party cloud providers, ecommerce services, payment gateways and CRM systems. In essence, downtime from one of these services can cost a company millions in revenue, but it's completely out of their control.