CyberCube, a specialist in cyber risk modeling and analytics, has secured over $180 million in a funding round led by Spectrum Equity, positioning the company for expanded product development and global market reach within the insurance, reinsurance, and broking sectors.
Spectrum Equity joins existing institutional investors ForgePoint Capital, Hudson Structured Capital Management (Bermuda) Ltd, and MTech Capital. The investment is currently subject to regulatory approvals.
Founded in 2015 within Symantec before becoming an independent entity in 2018, CyberCube delivers software-as-a-service (SaaS) platforms designed to assist insurers, reinsurers, and brokers in measuring and managing cyber risk.
The company’s tools are currently utilized by more than 130 organizations globally. This includes 75% of the top 40 US and European cyber insurers, as well as the majority of the top 20 global brokers.
The new capital will be used to support CyberCube’s long-term product development initiatives and its strategic expansion across the global insurance, reinsurance, and broking markets. Recent product innovations from CyberCube include Exposure Manager, a tool that enables (re)insurers to evaluate entire portfolios using quantified data, and Version 6.0 of its Portfolio Manager, a catastrophe model providing detailed portfolio-level insights.
Pascal Millaire, CEO of CyberCube, commented on the investment, stating, “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.”
Mike Farrell, Managing Director at Spectrum Equity, also provided a statement, noting, “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.”
