Cyber risk analytics startup CyberCube Analytics Inc. said today it has raised $50 million in additional growth capital, bringing its total amount raised to more than $100 million to date. The round was led by investment funds managed by Morgan Stanley Tactical Value, and saw participation from existing investors including Forgepoint Capital, Hudson Structured Capital Management (Bermuda) Ltd., MTech Capital and Stone Point Capital, plus Scott Stephenson, the former chairman, president and chief executive officer of Verisk Analytics Inc.
CyberCube is the creator of a cyber risk analytics platform that’s used by insurance firms and brokers to better understand their customer’s exposure to cybersecurity threats, as well as their clients, giving them a way to better protect themselves. Using the software, insurers and underwriters can evaluate individual commercial risks more accurately during the insurance underwriting process.
The startup offers a number of software-as-a-service tools to aid in this, including its Broking Manager service that’s aimed at brokers and helps them to better advise clients on risk transfer. Meanwhile its Portfolio Manager runs scenario-based catastrophe models to aid in senior leadership decision making. Account Manager is for insurance underwriters, and provides a unique view of each risk they assess for clients, along with actionable insights on how to reduce those risks.
CyberCube said today’s round follows a strong year of growth for the company. It says its platform is used by some of the world’s largest and most sophisticated players in the insurance and broking industries, including Relm Insurance Ltd., Elpha Secure Technology Inc., Baldwin Risk Partners Group Inc. and Kroll LLC.
CyberCube Chief Executive Pascal Millaire said today’s round is an “exciting milestone” for the company as it strives to enable everyone in the insurance industry to 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,” he added.
The startup said the money from today’s round would be used to fuel the commercial development of products that aim to quantify cyber risk, and accelerate its go-to-market expansion in global markets.
Morgan Stanley Tactical Value Co-Head Pedro Teixeira said CyberCube had drawn “great interest” from the investment community as its role in the insurance markets has been recognized as pivotal by many participants. “It presents both a strong investment opportunity and the ability for Morgan Stanley to play a positive role in the ongoing mitigation of global cyber threats.”