China-based digital health insurer Leapstack Data Technology has secured RMB100m ($14.5m) in a series B round led by private equity firm Lingfeng capital with participation from peer-to-peer lending service PPDAI Group.
Founded in 2016, Leapstack has developed a big data and artificial intelligence-powered platform that provides insurance companies with risk control tools.
The company has partnered several of the country’s insurance firms, such as China Life, China Taiping and Pacific Insurance.
With a presence in Beijing, Shanghai, Nanjing, Chengdu, Guangzhou, Shenzhen and Hong Kong, the capital will allow Leapstack to accelerate an expansion in the domestic market by funding partnerships agreements with additional insurance providers.
The company previously raised an undisclosed amount in a 2017 series A backed by venture capital firms DCM, Puhua Capital and Gaorong Capital, investment company Fomou Assets, and Zhongcai Financial Holding Investment.
Gaorong Capital, Fomou Assets and private investor Guo Wei initially contributed to a seed round of undisclosed size in 2016.
– Image courtesy of Leapstack