From SoftBank exit to World Bank backing: Brazil's Alice secures $40M Series D

Brazilian healthtech company Alice has  closed a $40 million Series D funding round as of October 19, 2026. The latest round was led by the International Finance Corporation (IFC), the World Bank's investment arm, with participation from German investment corporation DEG and Finland's Finnfund. Other participants include shareholders Canary, Next Billion Ventures, Thorntree Capital and Kaszek Ventures.

This marks Alice's first return to equity markets  since securing a massive $127 million Series C round led by SoftBank in 2021. SoftBank has since exited Alice's board, selling part of its stake in the company to Canary.

Leading up to this latest round, Alice grew its member base from just 6,000 to over 100,000 clients. The company's annualized recurring revenue also reached a record R$1.2 billion ($236.48M) this October, and is expected to reach R$2 billion ($395.8M) by 2027.

This latest capital injection comes after the company spent the past year restructuring internal operations. Originally a corporate health insurer and integrated health platform, Alice is repositioning itself as an AI-native healthcare ecosystem. Since the beginning of the year, nearly 100% of the platform's code has been generated by AI agents, freeing human engineers to pivot fully into system architecture, orchestration, and governance oversight. 

Apart from boosting engineering productivity, Alice's AI-first strategy has also streamlined its underwriting and customer support workflows. It has reportedly slashed underwriting timelines by 90%, cut patient wait times by 12.5%, and driven an 18% drop in the operating costs of care. The company clarified its position In a LinkedIn post: "AI is applied to health to make the world healthier: from engineering to service, from products to the user experience. It is this path that our Series D accelerates." 

In November, Alice is set to launch Alice AI, an in-app chatbot or health assistant that securely reviews members' medical records, instantly routing them to telemedicine specialists, or physical hospitals. The assistant, however, does not diagnose conditions and will undergo weekly reviews by a clinical team. Co-founder and CEO André Florence, said that the rollout of Alice AI will bring critical clinical context that traditional AI models lack. Deploying this tool to over 100,000 members could completely shift how quickly and easily patients access healthcare.