China insurance tech player raises $43m
Shanghai Kingstar Winning Software, a digital risk control solution provider for insurers, has raised a Series C round of CNY300m (USD 43m) led by China Taiping Insurance Group.
Other investors include Cathay Capital Private Equity, SND Ventures Group, CEC Data Services, and T-Lion Capital. The proceeds will be used for technology R&D and to support business expansion.
Founded in 2012, Kingstar won an exclusive tender in 2019 to build two core subsystems of China's national medical insurance information platform. These include a fund operation and audit supervision system, as well as a medical insurance smart supervision system.
The business rapidly expanded nationwide, covering 70% of provinces and municipalities and serving 1,400 hospitals. It now claims to be the most comprehensive solution provider for risk control solution in the national medical insurance system.
Since 2021, Kinstar has aimed to transfer its experience in the public sphere into commercial healthcare insurance. It claims to offer commercial insurers comprehensive technical support and diversified products for controlling costs.
The company spun out from Shanghai Fudan Kingstar Computer, which was established in 1995 with specialisation in financial software for the securities, futures and banking industries. Fudan Kingstar claims to be one of China’s top four securities software companies.
Other private equity-backed operators in this space include insurance technology provider Waterdrop, which operates a medical crowdfunding and mutual aid platform. It raised about USD 500m in private funding before listing on the New York Stock Exchange in 2021 via a $360m IPO.
CEC Capital is the exclusive financial advisor of Kingstar’s Series C.
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