Insurtech company Parametrix raises $17.5 million led by FirstMark Capital

Parametrix Insurance, an IT downtime insurance provider, announced on Wednesday that it has raised $17.5 million in funding from leading VC firms including FirstMark Capital with participation from F2 Ventures. This is the first investment FirstMark has made in Israel. FirstMark has invested in the likes of Airbnb and Shopify in the past. Parametrix's offering ensures that companies with mission-critical services in the cloud can quickly recover from IT downtime events. The funding round is aimed at accelerating global expansion and recruiting dozens of engineers to expand the company's R&D center in Israel.