CyberCube Analytics, the cyber risk analytics company delivering cyber aggregation modeling and individual risk underwriting for the insurance industry, has finalised a Series B capital raise to finance the next phase of its growth.
The funding was led by HSCM Bermuda and ForgePoint Capital. Michael Millette, founder and managing partner at HSCM Bermuda, also joins CyberCube’s board of directors.
The proceeds of the capital raise will be used to expand the product leadership of its cyber data and analytics platform and to expand the breadth of its go-to- market efforts, from top tier insurers to more regional and national insurance institutions.
Pascal Millaire, CEO of CyberCube, said: “Cyber represents one of the greatest market opportunities in the history of property and 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.”
Millette 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.”
CyberCube Analytics, HSCM Bermuda, ForgePoint Capital. Michael Millette, Pascal Millaire