SAN FRANCISCO, October 1, 2025 – CyberCube, a leading cyber risk modeling and analytics business, today announced an investment of more than $180MM by Spectrum Equity, subject to customary regulatory approvals. With this investment, Spectrum Equity will join existing investors ForgePoint Capital, Hudson Structured Capital Management (Bermuda) Ltd, and MTech Capital, as a cornerstone institutional investor, supporting the company's long-term growth and innovation.
CyberCube is the analytics engine powering sustained, global growth in cyber insurance. It is a trusted partner to more than 130 clients across the cyber (re)insurance value chain and beyond. Its solutions are utilized by 75% of the top 40 US and European cyber insurers (by gross written premiums) and the majority of the top 20 global brokers. Blue-chip and emerging participants in the cyber insurance sector trust CyberCube’s analytics to make informed business decisions on risk distribution, risk selection, and portfolio and capital management.
The new investment will fuel the long-term 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. With this new investment, CyberCube can deliver more impact, at scale, across the insurance value chain and beyond to organizations and society in the years to come.
Pascal Millaire, CyberCube CEO, 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.”
CyberCube has appointed a new Chair of the Board of Directors, Scott G. Stephenson, former Chairman, President, and CEO of Verisk. Stephenson has been a member of CyberCube’s Board since 2022. “I am confident in the long-term growth of the cyber insurance sector and recognize in CyberCube’s mission the need for robust analytics tools to support this growth and assist cyber risk decision-making. As CyberCube scales the value it is driving for organizations and society, I’m excited to take a more prominent role in charting CyberCube’s course to success in this endeavor,” said Stephenson.
Mike Farrell, Spectrum Equity Managing Director, 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.”
CyberCube software-as-a-service innovations in 2025 include:
- The launch of Exposure Manager (XM), the first and only tool that allows (re)insurers to evaluate cyber risk across entire portfolios efficiently with powerful, quantified data. (Re)insurers can now, for the first time, access the underlying data across their cyber portfolios, empowering them to independently audit portfolios, benchmark portfolio risk quality, and proactively manage risk over time. As part of CyberCube’s broader suite, which includes solutions such as Portfolio Manager for catastrophe modeling, Account Manager for single-risk underwriting, and Broking Manager for broker analytics, XM completes a comprehensive ecosystem that enables the insurance industry to manage cyber risk from every angle.
- The milestone release of Version 6.0 of the flagship product Portfolio Manager, a scenario-based catastrophe model that empowers portfolio-level insights for senior leadership decision-making. Version 6.0 unveils a new era of specific, actionable cyber catastrophe modeling. Drawing on companies’ security scores and introducing several new risk modifiers, users can understand what will best prepare organizations to avoid the consequences of catastrophic events, if possible, and to recover as smoothly as possible if they cannot avoid it.
- Deeper adoption of Artificial Intelligence (AI) technology has been a part of CyberCube’s strategy since its inception. Alongside deep expertise in cybersecurity and insurance, CyberCube has continued to harness the power of its proprietary AI toolset and internet-scale large language models to drive insights from complex data to solve clients' biggest problem — to meaningfully quantify cyber risk to maintain profitability and sustainability.
Latham & Watkins LLP represented Spectrum Equity as legal counsel on the transaction. Evercore acted as financial advisor to CyberCube and Cooley LLP represented CyberCube as legal counsel on the transaction.
For media inquiries, please contact:
CyberCube: Yvette Essen, Head of Communications & Market Engagement, yvettee@cybcube.com, +44 (0)7956 877 206
About CyberCube
CyberCube is the leading provider of software-as-a-service cyber risk analytics to quantify cyber risk in financial terms. CyberCube leverages data, analytics, artificial intelligence, and human resources to serve insurance institutions globally. The CyberCube platform was established in 2015 within Symantec and has operated as a standalone company since 2018. With offices in San Francisco, New York, Chicago, London, and Tallinn, Estonia, the team is committed to helping organizations and society build resilience to cyber risk. For more information, please visit www.cybcube.com or email info@cybcube.com.
About Spectrum Equity
Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For over 30 years, the firm has partnered with exceptional entrepreneurs and management teams to build long-term value in market-leading internet-enabled software, data, and information services companies.
With offices in Boston, San Francisco, and London, the firm is investing its tenth fund with $2 billion in limited partner capital. Representative investments include Ancestry, Definitive Healthcare, GoodRx, Lucid Software, Origami Risk, Ethoca, SurveyMonkey and Verafin. For more information, including a complete list of portfolio investments, visit our Portfolio page.
