- CyberCube Analytics, a market-leading cyber risk analytics company for the insurance industry, announced it raised $35 million
CyberCube Analytics — a market-leading cyber risk analytics company for the insurance industry — announced it has finalized a $35 million Series B round of funding. This round of funding was led by HSCM Bermuda and ForgePoint Capital. And HSCM Bermuda founder and managing partner Michael Millette is joining CyberCube’s Board of Directors
“Cyber represents one of the greatest market opportunities in the history of property & casualty insurance. CyberCube’s mission is to deliver the world’s leading cyber risk analytics to enable insurance institutions to take advantage of this opportunity in a data-driven way CyberCube is already supported by one of the premier venture capital investors in cybersecurity and we are excited to add one of the premier venture capital investors in InsurTech as an additional partner in achieving our mission,” said CyberCube CEO Pascal Millaire in a statement.
What does CyberCube do? CyberCube delivers software-as-a-service for cyber aggregation modeling and individual risk underwriting. And since launching in January 2018, the company has rapidly onboarded some of the world’s largest and most sophisticated insurance and reinsurance entities to enable faster and data-driven decisions on cyber catastrophe management, capital allocation, and individual risk underwriting.
“Cyber risk is a huge opportunity for the global insurance sector that will require significant capital to support that growth. HSCM Bermuda is taking a holistic approach to the cyber sector, not just investing directly in the risk but also in companies that understand it and can help in making it more understandable. CyberCube is unlocking opportunity for risk transfer in developing data-driven risk analytics and modeling for cyber risk,” added Millette.
With this round of funding, CyberCube will continue to expand the product leadership of its cyber data and analytics platform as well as to expand its go-to-market efforts beyond globally leading insurance institutions to regional and national insurance institutions.
“Cyber insurance is a growth sector for the insurance industry, but the industry is challenged in accurately pricing the exposure or understanding systemic risk. CyberCube brings expertise from the insurance, threat intelligence, and cybersecurity sectors to build market-leading technology for the insurance industry. CyberCube is fast becoming the industry standard of data-driven analytics and we are delighted to be driving its next phase of growth. HSCM Bermuda brings deep expertise in the insurance technology industry and we welcome them as a new investor in CyberCube and Michael Millette to the Board of Directors,” explained Don Dixon, Chairman of the CyberCube Board of Directors and co-founder of ForgePoint Capital.
