As we connect the global economy to the internet, digital risks in the 21st century are becoming as important to businesses as physical risks were in previous generations. That transformation is creating both challenges as well as enormous new opportunities for the insurance industry.
To take advantage of those opportunities requires a new breed of insurance data and analytics provider supporting the insurance industry that combines the deep expertise from both the insurance and cyber security worlds.
With this in mind, I’m excited to announce that venture capitalist MTech Capital and individuals from Stone Point Capital have invested in CyberCube, which augments our previously announced Series B. Their involvement in CyberCube takes the cumulative amount of capital in our Series B raise to $40 million, which will help us accelerate our role as the market-leading cyber risk analytics company serving the insurance industry.
In connection with this investment, CyberCube is appointing additional observers to our Board of Directors, which round out a Board of Directors that already includes globally-recognized leaders, especially from the cyber security space. As a company helping to shape the future of insurance, we are really pleased to have more insurance expertise in our capital base and on our board.
These new investors bring a wealth of insurance knowledge to the table. Kevin McLoughlin, Partner and Co-Founder of MTech, has spent 22 years in insurance investment banking, as the Global Head of Insurance Investment Banking at Bank of America Merrill Lynch, and Global Head of Insurance Banking at Citigroup. Prior to banking, Kevin was at AIG for seven years in finance and investments.
Justin Rispler is a vice president at Stone Point Capital and focuses on Stone Point Capital’s investments in insurance distribution and insurance services.
Becoming the market-leading cyber risk analytics company serving the insurance industry is not just about creating data and updating software models - people and the insight they bring, are core to the success of any business from the Board level to our newest front-line employee. That’s why CyberCube has decided to bring on our new board observers and last November, we also appointed Michael Millette, Founder and Managing Partner at Hudson Structured Capital Management (Bermuda) Ltd to the Board of Directors after they led the first close of our Series B. If you’d like to read more about that capital raising from HSCM Bermuda and existing investor ForgePoint Capital, you can see the press release here https://www.cybcube.com/2019/11/cybercube-secures-35mn-in-series-b/
I’ve been delighted by the interest received over the past year, with over 100 approaches from companies that share CyberCube’s vision and have wanted to invest in our future, but our new investors have really stood out from the pack and we look forward to having them on our Board of Directors.
Suffice to say, I’m tremendously excited about the future for CyberCube. Today’s news is another step along the journey.