Insurtech Parametrix raises $27 mn Series B to insure data center downtime

Parametrix Secures Funding to Address Digital Downtime Risks

Parametrix, an insurtech company specializing in insurance for data centers, has successfully raised $27 million in a Series B funding round. This investment comes at a time when the demand for insurance covering service-level agreement (SLA) breaches and digital downtime risk is on the rise.

Key Players and Investors

The funding round saw participation from notable investors, including Insight Partners, Scale Venture Partners, and previous backers like ALPHA, which highlights the growing confidence in the niche market that Parametrix is targeting. These partnerships suggest a strategic alignment with industry trends and investor interest in tech solutions aimed at mitigating risks.

Significance of the Funding

As businesses increasingly rely on digital infrastructures, downtime and SLA breaches can have significant financial implications. Parametrix's new capital will be pivotal in enhancing their insurance offerings, allowing them to better serve clients who face these specific risks. This is particularly relevant for companies with critical data operations that cannot afford interruptions.

The funding will also likely enable Parametrix to expand its technology and a team dedicated to developing innovative risk management solutions. This focus aligns with a broader industry trend where insurtech firms look to apply technological advancements to traditional insurance models.

Who Will Be Impacted?

Businesses utilizing data centers and cloud services could benefit from Parametrix's enhanced offerings. As these companies seek coverage that accurately reflects their operational risks, solutions from Parametrix may help them secure better financial protection against breaches and downtimes.

Overall, the latest funding round marks another step in ensuring that the insurance industry adapts to the needs of modern digital operations.

Original Source: https://beinsure.com/news/insurtech-parametrix-raises-27mn-series-b/