BAI returned to back insurance services provider Mintbao having previously supplied angel funding in March 2018.
Mintbao, a China-based online insurance product consultancy, has attracted about $10m in a series A round backed by Bertelsmann Asia Investments (BAI), a corporate venturing vehicle for mass media group Bertelsmann, China Money Network reported on Friday.
Venture capital firm Sequoia Capital led the round, which comes after BAI supplied angel funding in the seven-figure dollar range in March 2018.
Founded in 2017, Mintbao builds artificial intelligence (AI)-powered software aids for insurance brokers and executives, connecting them to human consultants to advise in areas including underwriting, risk analysis and product recommendations.
Clients can purchase products recommended by Mintbao, including life insurance, health insurance and accident insurance, directly using its website.
A share of the proceeds will go towards upgrading Mintbao’s platform, with the cash also set to support talent recruitment, enhance its business chain and drive market growth.
Zheng Qingsheng, partner at Sequoia Capital, said: “Mintbao is committed to the development and research of insurance solutions through technology, systems and big data. It empowers insurance marketers and insurance companies through the precise matching of a range of tools and customer needs.”