Alice, a healthtech operating a health plan with over 100,000 members, has raised US$40 million in a Series D round led by IFC, the private investment arm of the World Bank. DEG and FinnFund, development finance institutions from Germany and Finland, joined the round, alongside existing investors Kaszek, ThornTree Capital, and Canary. The funding supports the company's repositioning as an AI company that operates a health plan, a shift that has already shown measurable operational results.
Investment and strategic repositioning
The Series D marks Alice's first equity raise since its US$127 million Series C in 2022, which was backed by SoftBank. SoftBank did not participate in the new round, sold part of its stake to Canary, and left the company's board as part of its broader divestment strategy in Brazil. The new capital will support continued growth, including a target to double revenue to R$2 billion by 2027.
AI integrated across operations
Alice says 100% of its code is now generated with the help of AI agents, with engineers defining architecture and orchestrating the technology rather than writing line by line. Engineering productivity more than doubled in 2026 with no incidents attributed to AI generated code. The company has also reduced pricing time for brokers by up to 90% and cut commercial support response time by 50% in recent months.
Clinical tools and member experience
For physicians, a clinical copilot converts patient conversations into draft consultation notes, which doctors review and validate, recovering around half of the time previously spent on documentation. For members, an AI assistant in the app provides 24 hour guidance and directs people to the appropriate next step, keeping clinical decisions with care professionals. These tools contributed to an 18% reduction in operational care costs and a 12.5% decrease in waiting times, with member satisfaction at 4.8 out of 5.0.
Alice AI product launch
The company plans to launch Alice AI to its entire member base in November 2026. The assistant operates inside the app, understands each person's medical history, and follows clinical protocols without making diagnoses. Unlike standalone AI assistants, Alice AI works within the plan, with access to records, exams, and a care team, allowing it to direct members to telemedicine, specialists, or hospitals when needed.
Financial growth and market positioning
Alice surpassed R$1.2 billion in annualized recurring revenue for the first time, representing roughly 70% growth year over year, and the company projects a long term administrative cost near 2.0% of revenue. That compares with a market average the company estimates between 7.5% and 12%. CEO André Florence said AI models are widely available, but context is the differentiator, as Alice combines the plan, the medical record, and the care team under one roof.
The Series D validates Alice's evolution from a healthtech operator into an AI driven healthcare platform, with investors betting on a rare combination of technology, care delivery, and scale. Canary partner Florian Hagenbuch described the company as having a generational opportunity in a massive market. With fresh capital and a new AI product on the horizon, Alice aims to reshape how members engage with health plans and control operating costs at the same time.