Nuanwa Technology, a China-based medical insurance data analytics platform incubated by financial technology developer ZhongAn Technology, has raised RMB100m ($14m) of angel funding, 36Kr has reported.
Venture capital firm Sequoia Capital China led the round and was joined by investment firm Kuanping Capital.
Founded in October 2018, Nuanwa Technology develops health insurance technology and runs a database which collects medical information on behalf of insurance companies and clinics.
Lu Wei, founder and chief executive of Nuanwa, told 36Kr that ZhongAn Technology, a subsidiary of insurance provider ZhongAn, formed the company to improve health insurance risk control and to diversify its product offering.
ZhongAn CEO and Zhongan Technology chairman Jiang Xing added: “Since the beginning, ZhongAn has been running on the dual-engine of insurance and technology to develop new tools to restructure the insurance value chain, and health insurance has always been the focal point.
“We hope that when Nuanwa Technology starts operating independently, it can leverage ZhongAn’s technical know-how and experience accumulated in the health insurance space, and create value for the industry’s development.” (Translated from Chinese by Global Corporate Venturing)
