Cloud infrastructure powers modern digital businesses. When it fails, losses appear fast. Revenue stops. Trust erodes. Yet financial protection often remains missing. UAE based insurtech startup Mantas has emerged from stealth to address this gap. The company raised $1.77 million in Seed funding to launch parametric insurance for cloud outages and digital downtime.
Mantas was founded in 2024 by Basil Mimi. The company treats cloud downtime as a measurable financial risk, not just a technical problem. Its platform combines insurance coverage with real time risk monitoring.
Seed Funding and Strategic Backing
The Seed round attracted strong regional and global support. Nuwa Capital, Suhail Ventures, and Plus VC participated. OQAL Angel Syndicate and several strategic angels also joined.
The funding will support:
- Product development
- Advanced risk modelling
- Early customer deployments
- Expansion across MENA and North America
Investors see cloud downtime as a growing and underpriced risk. Mantas aims to define a new insurance category.
Cloud Downtime as a Business Risk
Businesses now rely on always on digital platforms. Even minutes of cloud failure can halt operations. Many firms depend on SLAs and legal contracts for protection. These tools rarely provide immediate financial relief.
Mantas applies parametric insurance to cloud outages. This model triggers payouts based on verified outage data. It removes long claims processes. It delivers fast liquidity when disruption occurs.
This approach helps businesses respond faster and recover with confidence.
A Platform Built for Digital First Companies
Mantas targets companies that depend on continuous cloud availability. These businesses face direct revenue impact during downtime.
Core customer segments include:
- Fintech companies
- Airlines and travel platforms
- E commerce businesses
- SaaS providers
- Regulated enterprises
When predefined outage conditions occur, payouts activate automatically. The platform also delivers real time risk intelligence. Companies gain visibility into exposure before failures happen. This helps teams make stronger infrastructure decisions.
Founder Insight Behind the Idea
The idea for Mantas came from personal experience. Basil Mimi witnessed a major cloud outage while placing a food order. The disruption escalated quickly. The business suffered public backlash and financial loss.
As a software engineer, Mimi saw a gap. Cloud outages were measurable and predictable. Financial risk remained uninsured. He later discovered parametric insurance models used in agriculture and weather. That insight shaped Mantas.
Scaling for a Cloud First Future
Cloud adoption continues to accelerate. Risk concentrates across a small number of platforms. In North America, outages are becoming systemic. In the Middle East, governments and enterprises are scaling cloud use rapidly.
Mantas plans to expand coverage alongside cloud and AI infrastructure growth. The company will strengthen monitoring and extend protection to emerging digital risks. Its long term goal is clear. Businesses should never remain financially exposed as technology stacks evolve.