Zanlue Data Secures Nearly RMB 200 Million in Series C+ Financing to Build a Diversified InsurTech Value Chain

Recently, Shancel Data, a leading enterprise in the insurtech sector, announced the completion of its Series C+ financing round, raising nearly RMB 200 million. The round was led by Qiming Venture Partners, with Suzhou Yiheng as a co-investor. Existing shareholder Legend Capital continued to support the company, while Mountain View Capital served as the exclusive financial advisor. Shancel Data is a technology company specializing in digital solutions for healthcare security, committed to providing comprehensive digital solutions for the health insurance ecosystem to government medical insurance departments, commercial insurance companies, medical and nursing institutions, pharmaceutical firms, and medical device enterprises.

Zhanlue Data has completed multiple rounds of financing since its establishment in 2016. Its historical shareholders include Gaorong Capital, Fumu Asset Management, DCM Ventures, Puhua Capital, Danhua Capital, Lingfeng Capital, FinVolution Group, Weicheng Capital, 360 Digitech, Legend Capital, Shengjing Jiacheng, GF Qianhe, and Huazhi Capital. Public information indicates that Zhanlue Data officially relocated its headquarters to the West Bund Riverside area in Xuhui District, Shanghai, this September.

With the deepening urbanization in China, shifts in the aging demographic structure, rising healthcare expenditures, and heightened awareness of health insurance, the rigid demand for health insurance continues to grow. The report to the 20th National Congress of the Communist Party of China explicitly emphasized the need to improve a multi-tiered social security system that provides universal coverage, integrates urban and rural areas, ensures fairness and uniformity, maintains safety and standardization, and is sustainable. Against this backdrop, amidst the wave of digital transformation in the insurance industry—particularly in the health insurance sector—technology companies are actively embracing a more “automated” future. Empowered by technologies such as artificial intelligence and big data, comprehensive transformations are underway across the entire value chain, including product development, pricing, distribution channels, operations, underwriting, and claims settlement. Since the release of the “14th Five-Year Plan” for Insurance Technology in 2021, China’s medical and health insurance market has sustained rapid growth, driven by supportive national policies. In 2022, domestic health insurance premiums reached RMB 865.2 billion. Faced with this vast market, the demand for corresponding digital services has become increasingly urgent. Seizing these development opportunities has become an essential lesson for insurance technology companies, while enabling both basic medical insurance and commercial health insurance to accelerate their digital transformation has emerged as a focal point of attention for all industry stakeholders.

Taking innovation-driven business expansion as an example, with practical explorations of cutting-edge technologies and shifts in market consumption trends, emerging consumer demands are driving fundamental transformations in the types of health coverage, product substance, business models, and industry ecosystems. As a technology enterprise that has long been committed to the digital transformation of health insurance, cost containment and digital services have always been the core businesses of Zhanlue Data. On one hand, Zhanlue Data has independently developed an intelligent audit system and established its own medical insurance fund supervision team, creating a synergistic model combining online intelligent audits with offline unannounced inspections. This approach addresses the "last mile" of medical insurance cost control, effectively safeguarding the public’s funds for medical treatment and critical care. On the other hand, Zhanlue Data provides commercial insurance companies with a one-stop digital platform. By leveraging its self-developed automated operations engine and integrating big data risk analysis, it creates a closed loop of efficiency enhancement and cost containment, empowering the entire insurance claims process to achieve cost reduction and efficiency improvement.

It is understood that Zhanlue Data has been actively participating in government-led medical insurance supervision projects, including major national and provincial/municipal medical insurance fund supervision initiatives, the operation of dozens of city-level inclusive commercial health insurance (Hui Min Bao) programs, and long-term care insurance operational services. To date, it has served medical insurance bureaus and related regulatory agencies across dozens of provinces and municipalities in China, enabling the general population to access more convenient, equitable, and accessible medical insurance services.

Compared to a decade ago, the insurance industry has achieved leapfrog development in its digital transformation. Driven by the growth of the health insurance market and supportive policies, demand for applications of big data, cloud computing, Robotic Process Automation (RPA), and large language models in the health insurance sector has become increasingly prominent. Zhanlue Data focuses on this vertical niche, deeply cultivating the health insurance field. It has pioneered the “Digital Health Insurance Risk Control Closed-Loop” model, which effectively facilitates the digital integration of policy-based medical insurance and commercial health insurance. By connecting operational processes such as actuarial analysis, product design, underwriting, claims settlement, and customer service, the model enables joint dynamic risk control throughout the entire product lifecycle, providing digital empowerment for innovative product design, rational pricing, and refined operations.

After years of development and accumulation, Zhanlue Data has built a comprehensive suite of data products centered on insurance business needs, including a big data risk control system for medical insurance, an intelligent administration system for long-term care insurance, an intelligent service system for critical illness medical insurance, an intelligent claims settlement system for commercial health insurance, and a chronic disease management system for health insurance. While empowering the digital transformation of government medical insurance and commercial insurance services through technology, the company is gradually expanding into the broader healthcare sector. By integrating enterprise, medical, and pharmaceutical scenarios and linking high-quality medical resources, it ensures effective access to premium medical services and innovative diagnostic and treatment solutions, thereby supporting the improvement of medical service quality and efficiency and fostering more comprehensive health protection through innovative payment models.

As its market scope continues to expand and business volume surges, Zhanlue Data has completed product development and solution implementation across multiple business scenarios. With the goal of enhancing operational efficiency, the company has established centralized operations centers in Xi’an and Hefei to cover key regions nationwide, thereby building a centralized, standardized, and high-efficiency operational model. Meanwhile, as a pioneer among Chinese insurtech companies expanding overseas, Zhanlue Data has gradually implemented its business operations in markets such as Vietnam and Indonesia over the past two years. According to its plans, the company will further expand its overseas business segment over the next three to five years, progressively exploring markets in Thailand, Singapore, and other countries, thereby driving technological integration across Southeast Asia and pioneering innovative business models. In its pursuit of high-quality development, Zhanlue Data remains true to its original mission, consistently aligning itself with national strategic directions.

In the Health 3.0 era, insurance and medical services will advance hand in hand and develop synergistically amid the digital wave, ushering in an age of multi-dimensional business models. With Zhanlue Data’s continued accumulation in the domestic market and ongoing expansion into overseas markets, this financing round undoubtedly provides new momentum for the company to further deepen its presence in the Asia-Pacific insurance market. Looking ahead, Zhanlue Data will further facilitate transformation within the health insurance ecosystem, steadily advance the development of big data models, and enhance its comprehensive operational service capabilities. Committed to becoming a world-class insurtech platform, the company aims to leverage technological power to safeguard health protection.

Gao Jinda, Executive Director of Qiming Venture Partnersstated that insurance payment is a crucial component of the healthcare ecosystem, and we have always placed significant emphasis on our investment strategy in this area. The core team of Zhanlue Data possesses extensive expertise in technology, insurance, and healthcare. Its one-stop intelligent risk control services have gained recognition from dozens of insurance clients, delivering tangible value in terms of improved efficiency and cost containment. Zhanlue Data has now emerged as a leading enterprise in this niche sector. Meanwhile, it is actively exploring additional business opportunities in diverse insurance scenarios and overseas markets. We look forward to the company’s continued deep engagement in the health insurance sector, driving further innovation and transformation within the industry.

Qi Fei, Executive Director of Legend CapitalHe stated that the payment system is a crucial component of the healthcare ecosystem, and the role of commercial health insurance will become increasingly significant. Relying on its capabilities in intelligent analysis and processing of medical information as well as risk control and underwriting review, Zhanlue Data has become an important partner for both basic medical insurance and commercial insurance, establishing itself as one of the few specialized players in the industry. As the application scenarios for basic medical insurance and commercial insurance expand, Zhanlue Data’s service and operational capabilities have been further enhanced. Following this round of financing, we also hope to continue assisting Zhanlue Data in exploring more health insurance scenarios and opportunities, serving as a bridge between insurance companies and innovative pharmaceutical and medical device manufacturers.

Yuan Zhejun, General Manager of Suzhou YiheZhanlue Data has stated that, after years of deep cultivation in the insurtech sector leveraging artificial intelligence and big data, its continuously optimized and iterated algorithms and models have enabled it to establish business collaborations with many leading life and property insurance companies in China. The company’s products and services have also received positive feedback from clients. We believe that under the broader trend of unbundling and outsourcing in the health insurance business, the market ceiling for niche third-party service segments will gradually rise. Compared with traditional service providers, Zhanlue Data boasts higher operational efficiency, a more precise risk control system, and lower labor costs. Therefore, we remain firmly bullish on Zhanlue Data’s future and look forward to growing alongside the company.

Yang Yue, Partner at Mountain View CapitalAs a long-standing partner of Zhanlue Data, we have witnessed the company’s solid growth over the past few years. Zhanlue Data has continued to deepen its expertise in the health insurance sector, establishing a comprehensive risk control closed loop spanning actuarial science, product development, underwriting, and claims management, while continuously strengthening its product moat centered on algorithms and digital intelligence. Today, while comprehensively serving commercial insurance providers and government medical insurance clients, Zhanlue Data is also actively exploring innovative business lines and expanding its overseas operations into emerging insurance markets such as Southeast Asia. We are highly optimistic about these developments and look forward to their future success.

Qiming Venture Partners was established in 2006 and has successively set up offices in Shanghai, Beijing, Suzhou, Hong Kong, and Singapore. Currently, Qiming Venture Partners manages 11 US dollar funds and 7 RMB funds, with total assets under management reaching $9.5 billion. Since its inception, the firm has focused on investing in outstanding early-stage and growth-stage companies in the Technology and Consumer (T&C) and Healthcare sectors.

To date, Qiming Venture Partners has invested in more than 530 high-growth innovative enterprises, of which over 200 have either gone public on exchanges such as the New York Stock Exchange, NASDAQ, the Hong Kong Stock Exchange, the Shanghai Stock Exchange, and the Shenzhen Stock Exchange, or exited through mergers and acquisitions. More than 70 of these companies have become industry-recognized unicorns or super unicorns.

Legend Capital, established in April 2001, is a fund management company under Legend Holdings Corporation, specializing in early-stage venture capital and growth-stage private equity investments. Over the past two decades, Legend Capital has adhered to international standards, creating best practices in fund operations and management. Through its proactive value-added service system, Legend Capital fosters innovative corporate growth, delivering consistent strong investment returns across multiple sectors while promoting industrial advancement and social development in China.With the vision of “becoming an investment firm with global influence,” Legend Capital upholds the core value of “Prosperity with Integrity” and actively fulfills its social responsibilities. The firm has consistently focused on the deep integration of the healthcare industry and technology. In recent years, it has significantly increased its investments in the “Healthcare/Insurance + AI” sector. In addition to Zhanlue Data, an AI-driven insurance risk control company, Legend Capital has invested in BioMap (an AI-driven innovative drug R&D platform), StoneWise, Xbiome (an AI-driven microbiome pharmaceutical company), Deepwise Medical (an AI-assisted medical imaging diagnostics company), Lunit, Tongxin Zhiyi, Dingyingjia (an AI-driven pathological diagnostics company), and Baiyang Intelligence (an AI-driven diagnosis and treatment system company).

Suzhou Yihe, a wholly-owned subsidiary of Suzhou Guofa Group, was established in November 2012. Specializing in private equity investment, the company primarily serves high-quality enterprises based in Suzhou and the Yangtze River Delta region. With a focus on the healthcare and wellness sector, Yihe is committed to investing in premium medical and health enterprises driven by innovative technologies, particularly those featuring sophisticated, cutting-edge capabilities and industry-leading R&D and innovation. Its mission is to help cultivate a cohort of high-quality medical enterprises with international competitiveness.

Shanjing Capital, established in 2018, specializes in serving startups and growth-stage companies. Its industry coverage includes new energy, hard technology, advanced manufacturing, enterprise services, industrial upgrading, and consumer sectors, with investment stages ranging from Series A to Pre-IPO. Over the past five years since its inception, the firm has completed more than 200 transactions. Shanjing Capital remains committed to supporting the growth of outstanding entrepreneurs by providing continuous services such as financing transactions, business and strategic advisory, and M&A consulting.