China Digest: AI startup Zhuiyi Tech raises $41m; Pacific Insurance injects $74m into More Health

Chinese AI enterprise services startup Zhuiyi Technology has raised $41 million to expand its operations overseas, while  Pacific Insurance has infused $74 million in online health management startup More Health.

Chinese AI startup Zhuiyi Tech raises $41 million

Chinese artificial intelligence (AI)-enabled start-up Zhuiyi Technology has raised $41 million in a Series C round led by China Merchants Group, an industrial investment fund of a Chinese state-owned corporation, China Money Network reported.

Other investors who participated in the round include Gaorong Capital, Sinovation Ventures, Morningside Venture Capital, and GGV Capital.

Based in Shenzhen, Zhuiyi Technology develops AI-based chatbot for interactions between humans and enterprises. The startup offers YiBot, which focuses on deep learning and natural language processing in customer service, big data analysis, and personalised services.

The funds raised will be used to expand the company’s overseas presence.

So far, Zhuiyi Technology has raised a total of $61.6 million in three rounds, according to Crunchbase. It raised Series A funding in 2016, while in 2017, it raised $20.6 million in Series B round.

China Merchants Group is a central state-owned enterprise based in Hong Kong under the direct supervision of State-owned Assets Supervision and Administration Commission of the State Council. At the end of 2018, it had total assets of 8 trillion yuan.

Pacific insurance injects $74m into online health management startup

Chinese online health management platform More Health has raised 500 million yuan ($74.42 million) in a Series C round from Chinese insurance company Pacific Insurance, China Money Network reported.

The investment has been routed through Pacific Medical and Healthcare Management Co, which are both wholly-owned subsidiaries of Pacific Insurance. Xiran Capital, a Chinese investment firm, also invested in the current round.

More Health, operated by Beijing Miaoyijia Information Technology Co Ltd, offers access to physicians to patients who suffer from potentially life-changing ailments such as cancer and heart disease.

China Pacific Insurance, together with its subsidiaries, provides property and casualty, and life insurance; asset management; and pension and annuity products in China.

Also Read:

QingCloud bags $160m Series D round led by China Merchants Securities

China Merchants Capital leads $132m Series C in Israeli startup Innoviz

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.