Brazilian healthtech Alice has raised $40 mn in Series D financing led by the International Finance Corporation (IFC), the World Bank Group’s private sector investment arm, as the company expands its use of artificial intelligence across health insurance and medical services.
German development finance institution DEG and Finland’s FinnFund participated alongside existing investors Kaszek, ThornTree Capital and Canary.
- Brazilian health insurer Alice raised $40 mn in Series D funding led by IFC, with participation from DEG, FinnFund, Kaszek, ThornTree Capital and Canary.
- AI adoption helped Alice reduce operational care costs by 18%, waiting times by 12.5% and broker pricing time by up to 90%. Engineering productivity more than doubled in 2026.
- Alice surpassed R$1.2 bn in annualized recurring revenue, up approximately 70% year over year, and targets R$2 bn in revenue by 2027.
Alice operates a health insurance plan serving more than 100,000 members. The company is repositioning itself as an AI company that operates a health plan, using automation across software development, medical documentation, customer support and administrative processes.
The financing comes as Alice reports annualized recurring revenue above R$1.2 bn for the first time, representing approximately 70% year-over-year growth. The company aims to double revenue to R$2 bn by 2027.
Alice raises first equity funding since $127 mn Series C
The transaction marks Alice’s first equity financing since its $127 mn Series C round in 2022, which included investment from SoftBank.
SoftBank did not participate in the Series D. The investor sold part of its holding to Canary and exited Alice’s board as part of its broader divestment strategy in Brazil.
The new capital will support business expansion and further integration of AI into the company’s healthcare and insurance operations.
Alice’s strategy combines health plan administration, medical records and clinical services within one operating structure. This gives its AI applications access to patient information and care delivery processes rather than requiring separate systems.
AI reduces healthcare costs and increases engineering productivity
Alice reports that 100% of its software code is now generated with assistance from AI agents. Engineers remain responsible for system architecture, technology orchestration and oversight instead of writing code line by line.
The company said engineering productivity more than doubled during 2026, with no reported incidents attributed to AI-generated code.
Automation has also improved commercial operations. The time required to prepare pricing for insurance brokers has fallen by up to 90%, while commercial support response times have declined 50% in recent months.
In medical consultations, an AI-powered clinical copilot converts conversations between patients and physicians into draft consultation notes. Doctors review and validate the documentation before it becomes part of the medical record.
The system has recovered approximately half the time physicians previously spent preparing clinical documentation.
For insured members, Alice has developed an AI assistant that provides guidance around the clock and directs users toward appropriate medical services. Clinical decisions remain the responsibility of healthcare professionals.
Together, these technologies have contributed to an 18% reduction in operational care costs and a 12.5% decline in waiting times, according to Alice.
Alice AI scheduled for November 2026 rollout
Alice plans to make its AI assistant, Alice AI, available to its entire membership base in November 2026.
The assistant operates within the company’s mobile application and uses each member’s medical history to provide guidance consistent with established clinical protocols.
It helps members identify appropriate next steps, including telemedicine consultations, specialist appointments or hospital care when necessary.
Unlike standalone AI assistants, the system operates within Alice’s health plan infrastructure, with access to medical records, examinations and the company’s care team.
CEO André Florence said widely available AI models are not the primary source of differentiation. Alice’s advantage, in his assessment, comes from combining health insurance, patient medical records and healthcare professionals within a single organization.
Alice targets administrative costs of 2% of revenue
Alice expects AI integration to reduce its long-term administrative cost ratio to approximately 2% of revenue. The company estimates that comparable administrative costs across the broader market range from 7.5% to 12% of revenue.
That target would represent a substantial reduction in the proportion of revenue spent on administration, although the 2% figure remains a long-term projection rather than an achieved result.
Alice’s reported operational improvements include lower care delivery costs, shorter waiting times, faster insurance pricing and reduced administrative work for physicians.
The planned November rollout will extend its AI assistant to more than 100,000 members, following the company’s reported 70% annualized revenue growth and the completion of its $40 mn financing round.
