CyberCube Secures $35mn in Series B Raise to Accelerate Market-leading Cyber Risk Analytics for the Insurance Industry
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Company secures $35mn additional funding led by Hudson Structured Capital Management Ltd. (doing its reinsurance business as HSCM Bermuda) and existing investor ForgePoint Capital
SAN FRANCISCO--(BUSINESS WIRE)-- 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.
CyberCube delivers the world's leading cyber risk analytics for the insurance industry. With best-in- class data access and advanced multidisciplinary analytics, the company's Software-as-a-Service platform helps insurance companies make better decisions when underwriting cyber risk and managing cyber risk aggregation. CyberCube's enterprise intelligence layer provides insights on millions of companies globally and includes modeling on over one thousand single points of technology failure. The CyberCube platform was established 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. For more information, please visit www.cybcube.com or email [email protected].
About HSCM Bermuda
Hudson Structured Capital Management Ltd., doing its reinsurance business as HSCM Bermuda Management Company, is a premier investment adviser that specializes in investing in the (re)insurance sectors and transportation, on a global basis. Launched in 2015, HSCM is structured as a private partnership, and majority-owned by its partners. HSCM focuses on core economic sectors that it expects to outgrow global Gross Domestic Product, offer low correlations with broader markets and are experiencing a shift from balance sheet to market financing. The firm currently has offices in Bermuda, Connecticut and New York, U.S.A. As of September 30, 2019, HSCM had capital commitments and managed assets of approximately $2.1 billion.
About ForgePoint Capital
ForgePoint Capital, is the premier venture investor for early-stage cybersecurity companies. The firm brings deep industry expertise and a strong network of relationships. ForgePoint's 55-person Cybersecurity Advisory Council includes industry CEOs, security entrepreneurs, senior information security executives, and former government security leaders. Portfolio companies include 4iQ, Anitian, Appthority (acquired by Symantec), Attivo, Bayshore Networks, BehavioSec, Bishop Fox, CyberCube, ID Experts, IronNet Cybersecurity, LoginRadius, NowSecure, Prevoty (acquired by Imperva), Remediant, ReversingLabs, Symmetry Systems, Trusted Key (acquired by Workday) and Uptycs. ForgePoint's principals have been investing in cybersecurity since 1998 and have made over 40 cybersecurity investments, with 25 successful exits to date.
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