Beijing-based insurtech startup Waterdrop Inc. (also known as Shuidi) has closed a Series C totaling more than RMB 1 billion (around $145 million), according to a Chinese media report.

The latest funding round was led by China-focused investment firm Boyu Capital with participation from prominent investors including Tencent, CICC Capital, and Gaorong Capital.

The capital will be used to build a team focused on health insurance and to explore artificial intelligence (AI) applications in health insurance, Shen Peng, founder and CEO of Waterdrop, said at the company’s global partners conference.

Shen co-founded Meituan-Dianping’s food delivery business.

In 2016, he left the company to set up Waterdrop, which has become one of the largest in China’s online insurance market.

The three-year-old startup’s online mutual aid platform, Waterdrop Mutual, has more than 70 million active users in China.

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