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Japanese insurance giant Sompo has launched a new insurance product to insure e-commerce stores on platforms such as Yahoo! Shopping, Shopify, and Amazon, based on the technology of Israeli startup Parametrix. Paramatrix s plan is to provide service to millions of customers in Japan and the Far East over the next few years, thanks to the collaboration. The project was created and agreed upon during the Covid-19 pandemic solely through Zoom meetings.
Parametrix specializes in insurance policies in the event of cloud-based crashes or downtime, ensuring that companies with mission-critical services in the cloud can quickly recover from IT downtime events. The startup, which raised $17.5 million earlier this month from FirstMark Capital, and F2 Ventures, was founded two years ago and has more than 30 employees in offices in Israel and around the world. The company offers its insurance products in Israel, the U.S., and Europe, and now with the collaboration with Sompo is expanding to
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