Rivio raises R$180m to run Brazilian hospitals' billing with AI agents

Rivio raises R$180m to run Brazilian hospitals' billing with AI agents

4 November 2026: Rivio, a São Paulo company that takes over the billing work of private hospitals and runs it with AI agents, has closed an extension of its Series A at R$180 million, led by Valor Capital Group. Monashees, Positive Ventures and APL also took part. The company says the round values it at more than R$1 billion, a little over a year after it was founded in 2025, and that the figure had already passed R$500 million in December.

Not yet independently verified. The amount and the valuation are as Rivio states them; we found no post from Valor Capital Group. Rivio sells an AI-run service paid on results rather than software licences, and its release gives no figure in US dollars. We will update this when it can be confirmed, and remove this note.

Co-founder and chief executive Silvio Frison puts the pitch in one line: "O Brasil opera paciente com robô e administra hospital com planilha." Brazil operates on patients with robots and runs its hospitals on spreadsheets.

Paid when the health plan pays

Rivio starts with the revenue cycle, the steps between treating a patient and the hospital being paid for it. AI agents read the records, help check each bill and flag the inconsistencies that cause lost billing or late payment, while health specialists employed by Rivio run the operation alongside them.

The commercial model is the unusual part. Rivio does not sell software for the hospital's own staff to use. It takes over the process, is responsible for the result and guarantees that the hospital receives what health plans owe for the care it delivered, with its own fee tied to that result. The release contrasts this with decades in which hospitals bought software and ran the work themselves.

The company says it already works with 13 hospital groups, and names Hospital Israelita Albert Einstein, Hospital Sírio-Libanês, Hospital Alemão Oswaldo Cruz, A.C.Camargo Cancer Center, Hcor, Hospital São Camilo and AACD as clients. Its next targets are staff scheduling, beds and supplies, and it says its ambition is to become the main operating system for health in Latin America.

Founders and an advisory board drawn from the hospitals

Rivio was founded by Ricardo Sales, a co-founder of the education fintech isaac, which Arco Educação bought for US$150 million, and Silvio Frison, a former chief executive of Serasa Consumidor. "Nossos investidores enxergaram essa oportunidade em poucos meses e decidiram dobrar a aposta," Sales says: the investors saw the opportunity within a few months and doubled their bet.

The company has also formed a nine-member advisory board. It includes Henrique Neves, director-general of Einstein; Paulo Chapchap, former director-general of Sírio-Libanês; José Marcelo de Oliveira, chief executive of Oswaldo Cruz; and, on the technology side, Mat Velloso, chief product officer at Docker, and River Mist of OpenAI's emerging products team. Several of the board members lead hospitals that Rivio also names as clients.

Carlos Costa of Valor Capital Group says Brazilian hospitals "ainda operam sobre uma infraestrutura tecnológica que não acompanhou a complexidade do cuidado que entregam", a technology base that has not kept up with the complexity of the care they deliver. Endeavor Catalyst invested in earlier rounds.

Where it sits among billing tools

Rivio has offices in São Paulo and Blumenau, Santa Catarina, and is hiring in both. Hospitals weighing it against software they would run themselves can compare the products in our medical billing software category, which lists six, and the 13 in hospital management software.

Company profile on TrustList: Rivio

Related on TrustList:

• mutex raises ¥281.6 million Series A for Reze, AI that checks Japanese medical fee claims

Sources

• Rivio: Rivio finaliza Série A com R$ 180 milhões e valuation de R$ 1 bilhão, 4 November 2026
• Baguete: Rivio capta R$ 180 milhões, 4 November 2026