CyberCube, a San Francisco, CA-based cyber risk analytics company, has just raised $50M in Growth funding. In conjunction with the announcement, Pascal Millaire, CEO, answered our questions about the company, their achievements so far, the funding and future plans.
FinSMEs: Can you tell us a bit more about yourself? What’s your background?
Pascal: I’m Pascal Millaire, the CEO of CyberCube, which provides data and analytic tools to quantify cyber risk for the insurance industry. I helped establish CyberCube in 2015 within Symantec, and we have now raised over $100m of capital as a standalone venture-backed business since January 2018.
I am a member of the American Funds Board of Directors, managed by Capital Group: EuroPacific Growth Fund, New Perspective Fund, New World Fund.
Previously, I was president of a hotel software company and a consultant at McKinsey & Company where I served companies in the insurance industry.
I hold a bachelor’s degree from the University of Cambridge and an MBA from the Stanford Graduate School of Business
FinSMEs: Let’s speak about CyberCube. What is the market problem you want to solve? What is the real opportunity?
Pascal: Cyber insurance has the potential to become one of the largest lines in the insurance industry in the decades to come. 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.
Our clients include globally leading insurance brokers, insurers and reinsurers who benefit from CyberCube’s distinctive data and analytics that are fine-tuned across the entire insurance value chain.
FinSMEs: What are the features differentiating the product from competitors?
Pascal: CyberCube’s analytics platform provides an unrivalled ecosystem of data, signals and models to fuel cyber risk quantification. CyberCube enables (re)insurance placement, underwriting decisions, and portfolio management optimization – all powered by a state-of-the-art cloud-based technology framework.
We painstakingly organize, enrich and curate best-in-class data sources at a petabyte-scale alongside our own proprietary data for use in our analytic models.
FinSMEs: You just raised a new funding round. Please, tell us more about it.
Pascal: Cyber risk is transforming the multi-trillion dollar property and casualty insurance industry, and CyberCube has emerged as the leading provider of data and analytics to the world’s most important insurance institutions. We have announced $50 million in additional growth capital, led by Morgan Stanley Tactical Value (MSTV), with continued participation from all our existing investors: Forgepoint Capital, Hudson Structured Capital Management (Bermuda) Ltd., MTech Capital, and key investors from Stone Point Capital. Scott Stephenson, former Chairman, President and CEO of Verisk, also participated in the financing and will join the CyberCube board as a director.
This capital raise is a testament to CyberCube’s exceptionally strong business and an endorsement of the phenomenal work that the entire team has done to make us such an attractive asset to investors.
FinSMEs: Can you share some numbers and achievements of the business?
Pascal: CyberCube provides software-as-a-service tools that support data-driven decision-making for more than two-thirds of the global cyber (re)insurance market by premium.
This latest financing brings CyberCube’s total capital raised to over $100 million.
In 2022 alone, CyberCube announced strategic partnerships with Relm Insurance, Elpha Secure, Kapnick, Relay, EXL, AkinovA, Baldwin Risk Partners, McGill and Partners, CyberAcuView, QBE, Kroll, URS, Cooper Gay, RT ProExec, Duck Creek Technologies, Majesco, Fermat Capital Management, TrueNorth, and Converge Insurance, which is also a Forgepoint company.
FinSMEs: What are your medium-term plans?
Pascal: 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. The new funding will fuel the commercial development of CyberCube’s cutting-edge products and solutions to quantify cyber risk while accelerating go-to-market expansion in the global insurance, reinsurance and broking industry.