China-based insurance software provider Nanyan Information Technology has closed a RMB250m ($37.2m) series C round featuring SIG China, part of quantitative trading firm Susquehanna International Group, DealStreetAsia has reported.
Healthcare-focused investment fund Cenova Capital led the round, which included venture capital firm Bluerun Ventures.
Nanyan provides artificial intelligence-equipped software to customers such as insurance firms, reinsurers and brokers to help them increase the efficiency of processes such as claim settlement, policy management, sales and marketing.
The funding will be used to increase the range of services offered by the company and expand its healthcare-focused offering, potentially through merger and acquisition deals.
The latest round comes in the wake of a December 2019 series B2 round sized at roughly $15m, according to DealStreetAsia, the funding coming from SIG China, BlueRun Ventures and BOC International, a subsidiary of financial services group Bank of China.
SIG China and BlueRun Ventures had previously taken part in Naynan’s $15m series B round in late 2018, which was led by Starr Investment Holdings, an investment vehicle for insurance firm CV Starr.
BlueRun had contributed to a $1.8m series A round for the company in 2015 that preceded an eight-figure dollar round two years later, DealStreetAsia stated.
