Alice's $40M Series D puts AI at the center of Brazilian health insurance

Brazilian healthtech Alice has raised $40M in a Series D round led by the International Finance Corporation, the private-sector arm of the World Bank Group. DEG, Finnfund, and existing investors Kaszek, ThornTree Capital and Canary also participated in the round, which follows the company's Series C in 2021.

Alice sells health insurance that combines medical care, technology and patient data in a single offering. The company applies AI to improve patient care, automate administrative tasks and reduce operating costs — a combination that has become the central pitch of its business as insurers across the region look for ways to contain medical inflation without degrading service.

The new capital is earmarked for expanding those AI capabilities, most concretely Alice AI, an assistant integrated into the company's app. According to the company, the assistant will draw on patients' medical records to offer personalized guidance and to connect members with telemedicine services, specialists and hospitals. In effect, the product positions AI as a navigation layer between a member and the health system, rather than as a back-office efficiency tool alone.

The scale Alice has reached helps explain investor appetite. The company now serves more than 100,000 members, up from approximately 6,000 in 2021 — a roughly sixteen-fold increase in four years. Annual recurring revenue exceeds $220M, with annual growth of approximately 70%. Those numbers place Alice among the larger venture-backed health insurance operators in Latin America, and they give the AI push a substantial data and customer base to work with.

The investor mix is notable for its development-finance weighting. IFC, DEG and Finnfund are all institutions with mandates that extend beyond pure financial return, and their presence in a Series D suggests the round is as much about scaling access to private healthcare in Brazil as it is about a software story. For a company whose product is insurance, that kind of backing can matter for credibility with employers and regulators alike.

What the round does not disclose is valuation, and the announcement gave no figure. Nor did it specify how much of the $40M is primary capital versus secondary, or how the proceeds break down beyond the AI build-out. Alice's competitive positioning was also left implicit: the source frames the raise around AI capability rather than around named rivals or market share targets.

The timing lines up with a broader pattern in the region, where AI has become the organizing theme of the week's security and health funding announcements. For Alice, the bet is that an assistant grounded in a member's own medical history can do something a generic chatbot cannot — and that better navigation, delivered early enough, is cheaper than the care it prevents.