Parametrix offers insurance policies for companies that rely on third‑party cloud providers, e‑commerce services, payment gateways and CRM systems. The company continuously monitors third‑party IT services worldwide, detecting interruptions down to the millisecond and accounting for service interdependencies. It uses a parametric pricing model built from millions of data points that lets customers customize a payout per hour of downtime and generates a premium based on that payout rate. When the insured event occurs the product delivers immediate compensation with no claims process or proof of loss. Parametrix is not a carrier itself and partners with incumbent insurance carriers to make payouts, addressing the risk that infrastructure outages can affect many policyholders at once. The team is about 30 people, with gender parity across the company including upper management and the founding team.

Total raised

$18M

Funding rounds

1

Latest round

Equity

Latest activity

May 2021