Company secures $35mn additional funding led by Hudson Structured Capital Management Ltd. (doing its reinsurance business as HSCM Bermuda) and existing investor ForgePoint Capital
CyberCube Analytics, the market-leading cyber risk analytics company for the insurance industry, today announced that it has finalized a Series B capital raise to power the next phase of its growth.
The funding was led by HSCM Bermuda and ForgePoint Capital. In addition, Michael Millette, Founder and Managing Partner at HSCM Bermuda will join CyberCube’s Board of Directors.
CyberCube delivers software-as-a-service for cyber aggregation modeling and individual risk underwriting. Since its launch in January 2018, the company has rapidly onboarded some of the world’s largest and most sophisticated insurance and reinsurance entities to enable faster, data-driven decisions on cyber catastrophe management, capital allocation, and individual risk underwriting.
Pascal Millaire, CEO of CyberCube, said: “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.”
Michael Millette, Founder and Managing Partner at HSCM Bermuda, added: “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.”
Don Dixon, Chairman of the CyberCube Board of Directors and Co-Founder of ForgePoint Capital, said: “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.”
CyberCube will use the proceeds of its Series B investment to continue to expand the product leadership of its cyber data and analytics platform as well as to expand the breadth of its go-to-market efforts beyond globally leading insurance institutions to regional and national insurance institutions.
Source: Company Press Release