Beijing - based insurtech Waterdrop , has secured over CNY1bn ( $ 1 billion ) in a series C funding round led by Boyu Capital . additionally , CICC Capital and Gaorong Capital were also investors in the round . The investment funds help Waterdrop build its health insurance team and conduct research 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 healthcare via 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.