Insurtech Mantas, a digital risk insurance startup that develops technology to help businesses assess, mitigate, and insure against digital and cyber risks, has emerged from stealth after raising $1.77 mn in seed funding, positioning itself around a new insurance category built for businesses dependent on cloud infrastructure reliability.
The round was backed by Nuwa Capital, Suhail Ventures, Plus VC, OQAL Angel Syndicate, and a group of strategic angel investors.
The funding supports accelerated product development, deeper risk modelling, and early customer deployments across the MENA region and North America.
Mantas plans to expand its platform to address emerging risks tied to cloud platforms and AI-driven infrastructure, where operational dependency continues to rise faster than financial protection.
The company combines data analytics with customized insurance solutions, aiming to make digital protection more adaptive to the needs of modern enterprises.
Cloud outages now register as direct financial events rather than technical anomalies. Service interruptions can stop transactions, disrupt customer journeys, and trigger reputational damage within minutes.
Existing safeguards such as service-level agreements and resilience engineering limit downtime, but they offer little certainty once failures occur.
Mantas applies a parametric insurance model more commonly used in weather and agriculture. Instead of prolonged claims processes, verified outage data triggers automatic payouts. The mechanism converts downtime into a measurable event with predefined financial outcomes.
According to Beinsure analysts, this approach shortens recovery time by providing liquidity at the point of disruption rather than after forensic assessment.
The platform also incorporates real-time monitoring, giving customers visibility into cloud exposure before incidents materialise.
Mantas leverages machine learning and data analytics to evaluate a company’s digital footprint, identifying vulnerabilities and quantifying potential financial exposure.
This enables it to tailor insurance coverage dynamically rather than relying on static underwriting. The platform integrates with existing enterprise systems to continuously monitor changes in cyber risk profiles.
That monitoring layer shifts coverage from passive protection toward active risk awareness, a distinction that matters for regulated and transaction-heavy businesses.
The concept traces back to founder Basil Mimi’s experience during a cloud service failure that cascaded across a consumer-facing digital platform.
What began as a routine transaction failure exposed a larger issue. Outages followed predictable technical patterns, yet the financial impact remained largely uninsured. Mimi, a software engineer by background, viewed that gap as structural rather than accidental.
Mantas now targets fintechs, airlines, e-commerce platforms, SaaS providers, and regulated enterprises whose operations rely on uninterrupted cloud availability.
The company name, derived from the Latin term for security blanket, reflects its focus on shielding businesses from cascading digital risk rather than isolated cyber incidents.
The company has customers in the UK, with Lockton Re acting as broker and reinsurance partner. That relationship provides early international validation as Mantas enters a market shaped by high-profile cloud outages at AWS and Azure during late 2025.
Mimi said cloud downtime has become one of the largest unpriced liabilities in the digital economy. He said parametric insurance allows outages to be treated as quantifiable risk events, delivering certainty at the moment businesses need it rather than weeks later.
Businesses have engineered their systems for scale and speed, but the financial layer has not kept up. Parametric insurance allows us to turn cloud outages into a measurable and insurable risk, giving companies certainty at the exact moment they need it most.
Basil Mimi, Mantas’ founder
Arnav Danthi, principal at Nuwa Capital, said Mantas stood out by linking insurance coverage to real-world infrastructure behaviour rather than contractual descriptions. He described that linkage as essential for managing modern digital risk.
Hasan Haider, founder and managing partner at Plus VC, said the firm backed Mantas as a category-defining company combining insurance, analytics, and a technology-led MGA structure.
He pointed to the team’s ability to translate complex operational data into actionable financial protection.
Ayat Alsabbagh, principal at Suhail Ventures, said the combination of real-time analytics and parametric cover positions Mantas to reduce losses from cloud outages and cyber threats in a rapidly expanding market.
According to Beinsure, insurance models that price infrastructure behaviour directly rather than abstract exposure are beginning to reshape how digital risk is transferred.
