Shanghai-based international health insurance technology (insurtech) startup The CareVoice has raised an undisclosed amount in its Series A funding round, making the company one of Asia’s top health insurtech platforms.
The CareVoice said the latest funding round, which raised an eight-figure USD amount, was led by an unnamed global investment firm, LUN Partners Group, and a global investment manager that specialises in financial services.
In a statement, the firm said global healthcare fund DNA Capital, SOSV, and Artesian Capital also participated in the funding round, which was completed more than a year after The CareVoice raised $2.2 million in seed round led by Haitao Capital.
Founded in 2014 by Jan Velich, Neil Liang, and Sebastien Gaudin, the company provides data-driven mobile-based software-as-as-service (SaaS) solution that digitizes the healthcare and insurance services for consumers.
So far, the company’s core product is being used by 15 local and international insurance firms in Mainland China and Hong Kong, including AXA and Ping An.
With the fresh funding, The CareVoice said it will pursue three main goals – invest in research and development, expand its sales and customer success team, and accelerate the launch of 10 new health insurance products.
The company will focus on upgrading its end-to-end digital healthcare and insurance experience product, dubbed the CareVoiceOS. It will also expand its efforts towards international business development, and partner with insurers to focus on health prevention and change of behavior.
The CareVoice co-founder and CEO Sebastien Gaudin said the funding will further boost its goal of “becoming the leading health insurtech platform in Asia” and to make health insurance “digital and more human”.
Peilung Li, founder and chairman of LUN Partners Group, the lead investor in the Series A funding round, believes that insurance will be the next sector to experience the highest growth of digitalization and innovation. He also expects the sector to produce new financial technology (fintech) unicorn firms.
Li added that LUN Partners will help the startup extend its digitalisation solutions to overseas insurance marketplaces in Southeast Asia, Japan, and other regions.