Rivio, a São Paulo healthtech company that uses AI to manage hospital billing, said on 4 November 2026 that it had closed its Series A at R$180m (about $32.8m). Valor Capital Group led the latest money, with Monashees, Positive Ventures and APL also investing.
The company said the round values it at more than R$1bn (about $182m at the exchange rate Rivio used; the company itself gave US$200m), a little over a year after it was founded. Its valuation was above R$500m in December 2025.
According to Startups.com.br, the R$180m includes a first tranche of R$100m raised in January, led by Monashees and Valor with Scale-Up Ventures, which would put the new extension at about R$80m (about $14.6m). Endeavor Catalyst invested in earlier rounds, Rivio said. Startups.com.br reported that the valuation was just over R$500m when that first tranche closed, so it roughly doubled between the two parts of the round.
“Brazil operates on patients with robots and runs hospitals on spreadsheets.”Silvio Frison, Co-founder and CEO, Rivio
What Rivio does
Rivio's AI agents go through hospital patient accounts to catch coverage problems and billing mistakes before the claims are sent to health insurers, according to Startups.com.br. Health specialists check the agents' work and run the operation.
Rivio is paid according to results, and Startupz reported that it guarantees hospitals the payments due from health plans for services provided. It did not disclose revenue.
The company says it works with 13 hospital groups. Clients it names include Hospital Israelita Albert Einstein, Hospital Sírio-Libanês, Hospital Alemão Oswaldo Cruz, A.C.Camargo Cancer Center, Hcor, Hospital São Camilo and AACD.
Who is behind it
Silvio Frison, the chief executive, previously ran Serasa Consumidor. Co-founder Ricardo Sales co-founded isaac, an education fintech that Arco Educação bought for US$150m.
"Brazil operates on patients with robots and runs hospitals on spreadsheets," Frison said. Sales said Brazilian healthcare needed new management infrastructure and that the technology now existed to build it. Carlos Costa of Valor Capital Group said the firm's larger stake reflected its confidence in the team's ability to change how healthcare works in Brazil.
Valor Capital Group was already an investor, having co-led the January tranche with Monashees, according to Startups.com.br, and Monashees, Positive Ventures and APL had all backed the company early on, Startupz reported.
Rivio has a nine-member advisory board. Startupz reported that it includes Henrique Neves of Einstein, former Sírio-Libanês chief executive Paulo Chapchap and technology executives from Docker and OpenAI.
What comes next
Revenue-cycle management is the first part of the model. Rivio plans to apply the same approach to other areas of hospital administration, including staffing, beds and supplies, and says it wants to become the main operating system for healthcare in Latin America. It did not give a breakdown of how the new money will be spent.
The company did not disclose how many hospitals within its 13 client groups use the service, how much billing it handles or its revenue.
Rivio has offices in São Paulo and Blumenau, where it is hiring, according to Startups.com.br. It did not disclose its headcount.
Reais are converted at the central bank's PTAX rate of R$5.4935 to the dollar, the rate Rivio used in its announcement.
Company website: rivio.com.br