We are pleased to announce that CyberCube has successfully raised additional capital from all four of its existing institutional investors to support the company as we expand our industry-leading suite of cyber modeling services.
Since closing our last capital raise in Q1 2020, CyberCube has grown its client base by over 400% and emerged as the pre-eminent provider of cyber risk analytics to the insurance market. This growth has accelerated in the past two quarters, each of which were record-breaking for top-line growth and customer expansion.
“Cyber is one of the most important growth opportunities the property and casualty insurance industry has seen in a generation,” shared Michael Millette, Co-Founder and Managing Partner at Hudson Structured Capital Management Ltd. (doing its re/insurance business at HSCM Bermuda) and CyberCube board member. “CyberCube is playing an instrumental role in unlocking this opportunity with market-leading analytics, which we are investing in expanding even further.”
“Insurance has emerged as a critical element of holistic cyber risk management,” shared Don Dixon, Co-Founder and Managing Director at Forgepoint Capital and Chairman of the CyberCube board. “Protecting the digital future requires investing in collaboration between the insurance and cyber security industries, which Forgepoint is taking a leadership position in supporting.”
This capital raise also includes additional support from existing investors at MTech Capital and individuals from Stone Point Capital.
At a time where others have pulled back, CyberCube is making a renewed commitment to an industry-leading level of product development resources specifically focused on cyber insurance analytics. CyberCube will use this capital to enhance our market-leading product portfolio, including Portfolio Manager, Broking Manager and Account Manager, while streamlining operations to grow efficiently as we optimize our operating model to serve the global insurance industry long-term.
CyberCube’s clients will be the ultimate beneficiaries of this additional capital as we double down on our commitment to being the pre-eminent analytics partner to the cyber insurance industry.
