Feb 12, 2018
Axinan eyes growing digital insurance
in Asia with Series A round led by
Singapore, 9 February 2018 – Axinan, a Singapore-based insurtech company raised its Series A financing as it taps into the rising appetite for digital insurance and better user experience across Southeast Asia and beyond. The Series A financing round is led by NSI Ventures (Singapore), joined by Linear Venture (China), and other investors.
Founded by Wei Zhu, who was previously the CTO of Grab, the company has developed real-time risk engines to determine the likelihood of e-commerce returns based on user demographics and shopping behavior online. Since graduating from PayPal’s Singapore incubator last year, the company has seen millions of transactions flow through its models, and has helped manage risks for several e-commerce and marketplace platforms, including Tokopedia, its first partner, which launched in 2016 under stealth mode.
“The pace of people in Southeast Asia embracing Internet mobile in their daily life has been incredible. We want to create innovative products by using big data and technology to better serve those needs,” said Wei, who has more than 20 years of technology leadership positions in Facebook, Microsoft and Grab. According to the latest Google and Temasek report, the region’s Internet economy spending is US$50 billion in 2017, and is expected to be US$200 billion in 2025.
In the coming months, the company will be unveiling other partnerships, which will see Axinan expand to other parts of Southeast Asia, including Malaysia and Hong Kong. Wei credits the company’s rapid execution to his team’s shared vision and deep expertise in big data, actuarial risk management and machine learning. His existing team brings a wealth of experience from global Internet giants such as Facebook, Google, Yahoo!, regional heavyweight SEA, as well as risk management expertise from top insurance companies such as Munich Re.
“This is only the beginning. We have ambitions to develop digital insurance products across different verticals such as logistics, health, and travel, and become the region’s leading digital-only insurer,” shares Wei.
To catalyze the pace of development, Axinan is looking to expand its management-level hires in business development, operations, actuarial, commercial, and technology positions. Axinan will also leverage on NSI Ventures’ 'sleeves up’ approach in building great companies from the region.
“Axinan’s unique data-centric approach to micro-insurance is well-placed as digital consumption proliferates alongside increasing connectivity in Southeast Asia. We are very excited to work with Wei and his team to scale and expand across the region.” expressed Hian Goh, Partner at NSI Ventures.
“We are fortunate to be partnering with NSI to help Wei and his team capture the large opportunity in Southeast Asia,” added Harry Wang, Partner at Linear Venture, a China-based fund that invests in companies with strong data applicability.
Axinan is a Singapore-headquartered insurtech company focused on building innovative, high frequency / low premium services for the internet economy. Leveraging on big data and machine learning, Axinan creates products that are easily integrated into online marketplaces and platforms. The current team comes from diverse backgrounds, equipped with strong experience and ambitions to make a significant impact in this space. For more information, please visit www.axinan.com
About NSI Ventures
NSI Ventures is a Singapore-headquartered venture capital fund that focuses on Series A and B investments in technology companies based in Southeast Asia. Key areas of investment include healthtech, fintech, edutech, consumer applications, cloud-based solutions and smart hardware. NSI is currently investing out of its second fund. NSI has invested in 15 companies from its first fund, including Go-Jek, CXA, FinAccel, Topica, HaloDoc, Chope and Love, Bonito. For more information, visit www.nsi.vc.
About Linear Ventures
Linear Venture is a China-headquartered fund that focuses on applied data intelligence companies – big data analytics company Sensors Data as well as risk control services company Tongdun Technology, to name a couple, and a existing investor of Axinan.