Mantas steps out of stealth to insure cloud downtime as financial risk

Mantas, a cloud risk focused InsurTech start up, has emerged from stealth with a $1.77 million seed round aimed at a problem many digital businesses still struggle to price correctly: cloud outages. Rather than treating downtime as a technical inconvenience, the company frames it as a direct financial exposure and builds insurance products around that reality.

The funding round was supported by Nuwa Capital, Suhail Ventures, Plus VC, OQAL Angel Syndicate, and a number of strategic angel investors. With this backing, Mantas plans to accelerate product development, deepen its outage risk models, and begin early deployments across the MENA region and North America.

Cloud infrastructure now underpins everything from payments to logistics. As a result, even short outages can interrupt revenue, damage trust, and create cascading operational failures. However, most companies still rely on service level agreements and contractual remedies that take time to enforce and rarely reflect real losses. Mantas takes a different approach. Its parametric insurance model triggers automatic payouts when verified outage conditions occur, removing the need for manual claims and lengthy assessments.

The company focuses on digital first sectors where downtime translates quickly into financial loss. These include fintech, e commerce, airlines, SaaS platforms, and regulated enterprises. Alongside coverage, Mantas provides real time risk intelligence, which helps teams understand exposure and make better infrastructure decisions before failures occur.

The idea came from a personal experience. The founder, Basil Mimi, had a cloud outage experience while ordering food, which highlighted the vulnerability of basic cloud services. He was inspired by the concept of parametric insurance in the agricultural and weather sector, where claims are paid based on objective facts rather than disputed claims.

Risk concentration has also been a problem with cloud adoption. In North America, major outages tend to have a spillover effect across sectors. On the other hand, in the Middle East, governments and organizations are rapidly expanding cloud infrastructure. In both areas, financial safeguards have failed to keep up with the use of collective infrastructure.

According to investors, the problem is precisely this lack of alignment. By correlating insurance with real-world infrastructure patterns, Mantas essentially redefines downtime as a quantifiable risk rather than a hypothetical one. This may become increasingly difficult for digital businesses to ignore as cloud usage continues to rise.