Cyber risk analytics firm CyberCube has secured $35 million of additional funding in a series B round led by Hudson Structured Capital Management Ltd. (HSCM Bermuda) and existing investor ForgePoint Capital.
As part of the arrangement, Michael Millette, Founder and Managing Partner at HSCM Bermuda, will join CyberCube’s Board of Directors.
Launched in January 2018, CyberCube provides software for cyber aggregation modelling and individual risk underwriting.
Since then it has partnered with re/insurance entities including Guy Carpenter, Chubb, CNA, Munich Re and Aon to enable faster, data-driven decisions on cyber catastrophe management, capital allocation, and individual risk underwriting.
CyberCube plans to use the proceeds of its latest investment grow its cyber data and analytics platform, as well as expand its partnerships to regional and national insurance institutions.
“Cyber represents one of the greatest market opportunities in the history of property & casualty insurance,” said Pascal Millaire, CEO of CyberCube.
He continued: “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, also commented: “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, further stated: “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,” he added.
“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.”