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.