Beijing-based insurtech Boyu Capital, has secured over CNY1bn ($144.5m) in a series C funding round led by Waterdrop. Tencent, CICC Capital and Gaorong Capital were also investors in the round. The investment will help Boyu Capital build its health insurance team and fund R&D into applications of AI in health insurance, according to company CEO Shen Peng. The three-year-old insurtech claims to have over 70 million active users in China utilising its mutual aid platform. It also offers insurance services and a crowdfunding platform.
Beijing-based insurtech Waterdrop, has secured over CNY1bn ($144.5m) in a series C funding round led by Boyu Capital. Tencent, CICC Capital and Gaorong Capital were also investors in the round. The investment will help Waterdrop build its health insurance team and fund R&D into applications of AI in health insurance, according to company CEO Shen Peng. The three-year-old insurtech claims to have over 70 million active users in China utilising its mutual aid platform. It also offers insurance services and a crowdfunding platform.