CyberCube Announces $50 Million in Growth Capital Financing to Further Advance Cyber Risk Analytics
Summary
The new funding will fuel the commercial development of CyberCubes cutting-edge products and solutions to quantify cyber risk while accelerating go-to-market expansion in the global insurance, reinsurance and broking industry.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. None CyberConnect, which integrates analytics through application programming interfaces (APIs), seamlessly integrating into existing workflows.In 2022 alone, CyberCube announced strategic partnerships with Relm Insurance, Elpha Secure, Kapnick, Relay, EXL, AkinovA, Baldwin Risk Partners, McGill and Partners, CyberAcuView, QBE, Kroll, URS, Cooper Gay, RT ProExec, Duck Creek Technologies, Majesco, Fermat Capital Management, TrueNorth, and Converge Insurance, which is also a Forgepoint company.Don Dixon, Co-Founder and Managing Director at Forgepoint and Chairman of the CyberCube board, said: The transfer of cyber risk to the insurance markets is fast becoming ubiquitous and vital for holistic risk management across sectors. Our continued support of CyberCube is a key part of that strategy and we are thrilled for the companys next chapter of growth.Scott G. Stephenson said: Cyber risk management is one of the biggest threats facing businesses today and one of the greatest growth opportunities for the insurance sector. Im excited to support CyberCube given the tremendous opportunity the company has to drive value for businesses, insurance institutions, and for society in the decades to come.Oliver Wyman provided commercial due diligence services to Morgan Stanley Tactical Value and Latham & Watkins represented Morgan Stanley Tactical Value as legal counsel on the transaction.CyberCube delivers the worlds leading cyber risk analytics for the insurance industry. Our teams expertise, including deep structuring experience, is complemented by Morgan Stanleys broad capabilities to meet bespoke capital needs or analyze idiosyncratic risks.