Cyber risk analytics provider CyberCube has secured $50 million in additional growth capital from investment funds managed by Morgan Stanley Tactical Value, with continued participation from all its existing investors.
These include Forgepoint Capital, Hudson Structured Capital Management (Bermuda) Ltd., MTech Capital, and key investors from Stone Point Capital.
Scott G. Stephenson, former Chairman, President and CEO of Verisk, also participated in the financing and will join the CyberCube board as a director.
This latest financing brings CyberCube’s total capital raised to over $100 million, and will help the firm to continue enhancing its risk analytics models to help insurers and reinsurers quantify cyber risk.
“This is an exciting milestone in our mission to empower modern industry and society with world-leading cyber risk analytics so everyone can make better decisions,” said Pascal Millaire, CEO of CyberCube.
“In Morgan Stanley, we’ve found a tremendously supportive partner who recognizes the growing significance of cyber risk to the global economy and stands ready to support CyberCube as our business matures from an early market leader to a critical part of the analytics infrastructure in what is becoming one of the largest lines of P&C insurance globally.”
Pedro Teixeira, Co-Head of Morgan Stanley Tactical Value and Managing Director at Morgan Stanley, also commented: “CyberCube is a business that’s drawn great interest from the investment community. Its role in the insurance markets and the wider economy has been recognized as pivotal by industry participants. It presents both a strong investment opportunity and the ability for Morgan Stanley to play a positive role in the ongoing mitigation of global cyber threats.”
Michael Millette, Co-Founder and Managing Partner at HSCM Bermuda and CyberCube board member, further stated: “CyberCube has built a market-leading position in a pivotal role in the cyber insurance value chain. The quantification of cyber risk through robust modeling will allow industry participants to predict risk levels and provide useful pricing information.”
“We are delighted to continue our support of CyberCube in its mission to deliver data-driven cyber risk analytics built for the insurance industry.”