CyberCube Analytics, a cyber risk analytics platform for the insurance space, has netted $35m in Series B funding.
HSCM Bermuda and ForgePoint Capital led the round. As part of the deal, HSCM Bermuda founder and managing partner Michael Millette will join the CyberCube board of directors.
The FinTech offers a software-as-a-service to support cyber aggregation modelling and individual risk underwriting. Its analytics help insurance firms improve the decision making when underwriting cyber risk and managing risk aggregation.
Having closed the investment round, the FinTech will expand its data and analytics platform as well as increase the go-to-market efforts to include regional and national insurance institutions.
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. HSCM Bermuda is taking a holistic approach to the cyber sector, not just investing directly in the risk but also in companies that understand it and can help in making it more understandable. CyberCube is unlocking opportunity for risk transfer in developing data-driven risk analytics and modelling for cyber risk.”
Earlier in the year, Forgepoint Capital began the fundraise for its sophomore fund with the aim of reaching $400m.
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