CyberCube has raised nearly $35m in a Series B funding round led by re/insurance linked investments provider Hudson Structured Capital Management (HSCM Bermuda).

Besides HSCM Bermuda, the round was also joined by the company’s existing investor ForgePoint Capital.

As per the terms of the funding agreement, HSCM Bermuda founder and managing partner Michael Millette will gain a set on CyberCube’s board.

CyberCube, which was launched last January, offers software-as-a-service (SaaS) for individual risk underwriting as well as cyber aggregation modelling.

Its platform enables re/insurance firms to take faster, data- driven decisions about cyber catastrophe management and capital allocation plan.

CyberCube intends to use the proceeds to speed up the delivery of its cyber risk analytics platform to insurance industry.

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By GlobalData

Millette said: “Cyber risk is a huge opportunity for the global insurance sector that will require significant capital to support that growth.

“HSCM Bermuda is taking a holistic approach to the cyber sector, not just investing directly in the risk but also in companies that understand it and can help in making it more understandable.

“CyberCube is unlocking opportunity for risk transfer in developing data-driven risk analytics and modelling for cyber risk.”

ForgePoint Capital co-founder Don Dixon stated: “CyberCube is fast becoming the industry standard of data-driven analytics and we are delighted to be driving its next phase of growth.”