Five years after SoftBank wrote one of the largest cheques in Brazilian healthtech, Alice has a lead investor with a different mandate. The company closed a $40M Series D on October 19 led by the International Finance Corporation, the World Bank’s private arm, with Germany’s DEG and Finland’s Finnfund joining Canary, Next Billion Ventures, Thorntree Capital and Kaszek.
The governance shift matters as much as the money. SoftBank has left the board and sold part of its stake to Canary, handing influence to development finance institutions that weigh access and outcomes as heavily as returns.
Rebuilt around agents
Alice began as a corporate health insurer with its own clinics and has spent the past year repositioning as an AI-native care platform. Management says nearly all of its code is now written by AI agents, freeing engineers to work on system architecture rather than features.
The operational claims are more interesting: underwriting timelines down 90%, patient waits down 12.5%, care operating costs down 18%. Those numbers matter because insurers live or die on how much admin sits between a member and a clinician.
Scale has followed the rebuild. Membership has grown from 6,000 to more than 100,000, and annualised recurring revenue reached R$1.2B, around $236M, with the company projecting R$2B by 2027.
A health assistant that does not diagnose
In November it launches Alice AI, an assistant that reads members’ records and routes them to telemedicine or a hospital. It stops short of diagnosis and a clinical team reviews output weekly – a cautious choice that concedes how unforgiving healthcare errors are, and how closely Brazilian regulators will watch an AI-first insurer.
