CyberCube, a company focused on cyber risk analytics, has raised $50m in growth capital from investment funds managed by Morgan Stanley.
There was also participation from Forgepoint Capital, MTech Capital, Hudson Structured Capital Management and a range of other institutional investors. Following this raise, the total capital raised by CyberCube’s has climbed over $100m.
CyberCube models cyber risk to allow insurers and brokers to understand their portfolios’ exposure to cyber threats while enabling their clients to better protect themselves. CyberCube’s products also aid underwriters in their evaluation of individual commercial risks during the underwriting process.
The company provides a wide range of products such as a broking manager for brokers to better advise their clients on risk transfer, a scenario-based catastrophe model that empowers portfolio-level insights for senior leadership decision-making as well as an account manager that gives insurance underwriters a unique view of each risk they assess with actionable insights.
According to CyberCube, the new funding will support the commercial development of CyberCube’s products and solutions to quantify cyber risk while speeding up go-to-market expansion in the global insurance, reinsurance and broking industry.
CyberCube CEO Pascal Millaire said, “This is an exciting milestone in our mission to empower modern industry and society with world-leading cyber risk analytics so everyone can make better decisions.
“In Morgan Stanley, we’ve found a tremendously supportive partner who recognizes the growing significance of cyber risk to the global economy and stands ready to support CyberCube as our business matures from an early market leader to a critical part of the analytics infrastructure in what is becoming one of the largest lines of P&C insurance globally.”
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