Israel-based IT Parametrix Insurance has raised $17.5m in funding to launch cloud downtime insurance product.

The funding round was led by venture capital firms FirstMark Capital and F2 Ventures.

Parametrix has developed a multi-cloud based advanced monitoring system that tracks the availability and performance of third-party IT services across the globe.

The system collects a massive amount of data and metrics every day. Parametrix claims it has detection capabilities down to the millisecond.

Predictive modelling and risk assessment algorithms enable them to provide customers with a full insurance solution, says Parametrix.

Companies rely on third-party, cloud-based services for activities crucial to business and downtime can cause big financial losses.

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Parametrix Insurance CEO Yonatan Hatzor said: “The business world’s dependence on cloud solutions is rapidly accelerating. To help them hedge this external risk, we created a new category in the insurance market by introducing reliable protection from the cloud downtime incidents that inevitably occur.”

FirstMark founder and partner Amish Jani said: “ Having seen first hand the impact of downtime within our portfolio, we believe cloud downtime insurance will become a core part of every company’s business continuity plan.”

F2 Venture Capital managing partner, Jonathan Saacks noted: “Parametrix has created a first-of-its-kind insurance product for a huge and growing market. The acceleration of digitization and online services means Parametrix is well-positioned to be the leading company of this market.”