CyberCube Secures $35mn in Series B Raise to Accelerate Market-leading Cyber Risk Analytics for the Insurance Industry
Summary
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. 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. CyberCubes 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. 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.