InsurTech startup CyberCube secures $35M Series B to accelerate cyber risk analytics for the insurance industry
CyberCube, an insurtech startup that delivers data-driven cyber analytics built specifically for the insurance industry, today announced it has secured $35 million additional Series B funding to power the next phase of its growth. The round was led by HSCM Bermuda and Fexisting investor ForgePoint Capital.
The funding proceeds will also be used 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. Along with the funding, the company also announced that Michael Millette, Founder and Managing Partner at HSCM Bermuda, will join its Board of Directors.
The CyberCube platform was founded in 2015 within Symantec and now operates as a standalone company exclusively focused on the insurance industry, with access to an unparalleled ecosystem of data partners and backing from ForgePoint Capital and HSCM Bermuda.
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.
“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,” Pascal Millaire, CEO of CyberCube, said.
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.”