(Image credit: krzysztof-m.)
CyberCube Analytics, a San Francisco-based provider of cyber risk analytics solutions to the insurance industry reports that it has finalized a Series B capital round, raising $35 million, which the company says will be used to power the next phase of its growth. The funding was led by HSCM Bermuda (Pembroke) and ForgePoint Capital (San Mateo, Calif.). 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 reports that it 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.
“Cyber represents one of the greatest market opportunities in the history of property & casualty insurance,” comments Pascal Millaire, CEO of CyberCube. “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.”
CyberCube says it 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.
Unlocking Opportunity for Risk Transfer
“Cyber risk is a huge opportunity for the global insurance sector that will require significant capital to support that growth,” comments Michael Millette, Founder and Managing Partner, HSCM Bermuda. “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.”
Cyber insurance is a growth sector for the insurance industry, but the industry is challenged in accurately pricing the exposure or understanding systemic risk, notes Don Dixon, Chairman of the CyberCube Board of Directors and Co-Founder of ForgePoint Capital. “CyberCube brings expertise from the insurance, threat intelligence, and cybersecurity sectors to build market-leading technology for the insurance industry,” he says. “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.”