Nuanwa Technology, a Chinese tech-driven start-up specialized in medical insurance services, has raised RMB100 million (US$13.95 million) in an angel round of financing led by Sequoia Capital China.
Chinese healthcare-focused private equity company Kuanping Capital also participated in this round, said Lu Min, founder and CEO of Nuanwa Technology, cited by Chinese online publication 36Kr. The company did not immediately respond to China Money Network seeking comments.
The investment came as China’s medical insurance industry is developing rapidly. The total premium of medical insurance in China has reached RMB397.6 billion (US$55.47 billion) in the first half of 2019, according to China Banking and Insurance Regulatory Commission.
Nuanwa Technology, incubated in October 2018 by Chinese online insurance company ZhongAn, mainly provides insurance companies and internet platforms with customized medical insurance products, risk control services, claim statement services, and other medical insurance-related solutions.
The Shanghai-based company has served more than 20 insurance and internet companies. The company claimed to have helped clients increase their business digital coverage rate by 15% to 20%, and reduce an average of 5% to 10% loss in risk management.
"ZhongAn has been in the leading position in providing online medical insurance products in China. Nuanwa, as an independently-operated company, has inherited ZhongAn’s years of accumulation in the medical insurance operation and technology capabilities," said Zhai Jia, managing director of Sequoia Capital China, in the same report.
Proceeds of this round will be used to improve its medical data network and enhance its services in the healthcare field.