CyberCube, a leading cyber risk modelling and analytics provider, has secured more than $180m in funding from Spectrum Equity, subject to regulatory approvals.
The private equity firm joins existing backers ForgePoint Capital, Hudson Structured Capital Management (Bermuda) Ltd, and MTech Capital as a cornerstone institutional investor in the company.
Founded in 2015 within Symantec before becoming independent in 2018, CyberCube provides software-as-a-service platforms that help insurers, reinsurers and brokers better quantify and manage cyber risk.
The company has become a trusted partner to over 130 clients worldwide, including 75% of the top 40 US and European cyber insurers by gross written premiums, as well as most of the top 20 global brokers.
The fresh investment will be channelled into expanding CyberCube’s suite of analytics products, enhancing its ability to quantify cyber risk and accelerating global go-to-market strategies across the insurance, reinsurance, and broking industries.
CyberCube recently unveiled a number of innovations, including the launch of Exposure Manager, the first tool allowing (re)insurers to assess cyber risk across entire portfolios with powerful, quantified data. The firm also rolled out Version 6.0 of its Portfolio Manager, a scenario-based catastrophe model designed to deliver detailed portfolio insights. In addition, it has deepened its use of artificial intelligence and proprietary internet-scale language models to strengthen cyber risk quantification.
CyberCube CEO Pascal Millaire said, “Cyber has the potential to become one of the largest lines of Property and Casualty insurance, as internet-connected technologies and artificial intelligence transform all corners of the global economy. With the additional capital from Spectrum Equity, CyberCube is even better positioned to deliver the analytic tools our insurance clients need to sustainably grow into the 2030s.”
Spectrum Equity managing director Mike Farrell said, “CyberCube is a market-leading company that is transforming the way the insurance sector trades cyber risk. We’re excited to support the company and its management in expanding its product set and global reach in one of the most strategic growth areas for the insurance industry.”
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