Brazil's Alice raises $40M Series D to rebuild its health plan around AI
What's the deal? Alice, a Brazilian corporate health plan, has raised a $40 million Series D led by IFC, the World BankDealroom has a profile for this one. Try Dealroom →'s investment arm. Germany's DEG and Finland's FinnfundDealroom has a profile for this one. Try Dealroom → joined, alongside existing backers Kaszek, ThornTree Capital, and Canary.
What's the endgame? Alice wants to be read as an artificial intelligence company that happens to operate a health plan. Since the start of 2026, engineers have written 100% of its code using AI agents, which the company says more than doubled team productivity without a single incident tied to generated code.
Why now? This is Alice's first equity round since its $127 million Series C in 2021, led by SoftBankDealroom has a profile for this one. Try Dealroom →, when it had about 6,000 clients. It now serves more than 100,000 members, with annual recurring revenue above US$307M and growth of roughly 70% year over year. SoftBank has since left the board, with Canary buying its stake.
By the numbers: Alice says its AI strategy has cut operating costs of care by 18% and wait times by 12.5%. A clinical copilot drafts consultation notes for doctors, returning about half the time once spent on documentation, while a broker tool trims pricing time by up to 90%.
The product: The round lands ahead of the full launch of Alice AI, an in-app assistant that reads each member's medical record and history, then routes to telemedicine, a specialist, or a hospital when needed. It follows the company's clinical protocols, does not diagnose, and faces weekly review by a clinical team. "The AI models are available to any company. What isn't available is the context," said co-founder and chief executive officer André Florence.
The signal: The round tests whether AI can contain costs and scale a health insurer's operations rather than just ship a new feature. Alice targets US$511.6M in revenue by 2027 and an administrative cost near 2% of revenue, against a market average it estimates at 7.5% to 12% — figures that remain company-reported and worth watching against actual adoption.
Read more: startups.com.br
Image credit: Generated with Gemini
