China-based online insurance platform Liangzibao has reportedly raised $14m in its Series A + round of funding.
The capital was supplied by new backers PPDai and Xidian University Titan Ventures, according to a report from China Money Network. Linear Ventures, a previous investor into Liangzibao, also contributed to the round of funding.
This investment comes as an extension to a Series A round which was closed last year on an undisclosed amount, it states. Investors to the former round included Linear Venture, ICP and Fosun Kinzon Capital.
Liangzibao is an end-to-end insurance solution which offers policies for auto, education, medical, business operations and travel. Its platform is supported by blockchain technology to reduce credit costs and improve privacy protection. Smart contracts are implemented on the solution to automate the claims process.
The company is supported by a selection of big data tools, which utilises behaviour data across the industry to build analysis. Big data is also able to give dynamic premium real-time calculations, and detect malicious fraud attempts.
Through the capital injection, Liangzibao will look to further the development of its customised services. It will also work with insurance companies to increase innovation and integration within the sector, the article reports.
Earlier in the year, Linear Ventures participated in the Series A funding round of Singapore-based InsurTech platform Axinan.
Axinan helps companies to offer big data and machine learning solutions for online marketplaces and platforms. The real-time risk engine helps businesses to build accurate risk assessments to help a range of different companies and solutions.
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