CyberCube Analytics, a San Francisco-based startup that offers cyber risk analytics solutions for the insurance industry, announced on Tuesday that it has secured $35 million through a Series B funding round led by HSCM Bermuda and existing investor ForgePoint Capital.
Created in 2015 within Symantec, CyberCube was spun-out into a standalone company in 2018 through a partnership with Trident Capital Cybersecurity (now know as ForgePoint Capital) and Symantec.
CyberCube’s Software-as-a-Service platform helps insurance companies make risk-based underwriting decisions based on insights gathered from millions of companies, and allows for modeling based on more than a thousand single points of technology failure.
“Cyber insurance is a growth sector for the insurance industry, but the industry is challenged in accurately pricing the exposure or understanding systemic risk,” said Don Dixon, Chairman of the CyberCube Board of Directors and Co-Founder of ForgePoint Capital.
Since its launch in January 2018, the company says that it has helped some of the world’s largest insurance and reinsurance companies make faster, data- driven decisions on cyber catastrophe management, capital allocation, and individual risk underwriting.
The company said it would use the proceeds of its Series B investment to support expansion of its cyber data and analytics platform and expand its go-to-market efforts to regional and national insurance institutions.