CyberCube, the cyber risk modelling and analytics specialist, has raised more than $180m in funding from Spectrum Equity.
The investment, still subject to regulatory approvals, sees Spectrum join existing backers ForgePoint Capital, Hudson Structured Capital Management (Bermuda) Ltd, and MTech Capital as a key institutional investor.
Founded in 2015 within Symantec and operating independently since 2018, CyberCube provides software-as-a-service platforms that help insurers, reinsurers and brokers measure and manage cyber risk. Its tools are used by over 130 organisations, including 75% of the top 40 US and European cyber insurers and the majority of the top 20 global brokers.
The funding will support CyberCube’s long-term product development and expansion across the global insurance, reinsurance, and broking markets.
Recent innovations include Exposure Manager, the first tool enabling (re)insurers to evaluate entire portfolios with quantified data, and Version 6.0 of its Portfolio Manager, a catastrophe model offering detailed portfolio-level insights.
CyberCube CEO Pascal Millaire said, “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.”
Spectrum Equity managing director Mike Farrell said, “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.”
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