Why We Invested in Revena

Healthcare is one of the largest sectors of the Brazilian economy, accounting for nearly 10% of GDP, yet hospitals operate on fragile margins. In the private system, billions of dollars flow through insurance claims each year, yet providers still lose up to 25% of revenue due to billing omissions, technical mismatches, and delayed reimbursements. These losses are driven by deeply manual processes: billing teams, nurses, and auditors spend 18 hours of administrative work for every five-day hospitalization, interpreting medical records and re-entering data. Large hospitals employ 50–100 people solely to manage revenue cycle operations, which consume 4–6% of operating budgets. This is a structural inefficiency that the system can no longer afford.

Brazil’s hospital billing challenge isn’t digitization, as much as interpretation. The organizations don’t lack data; they lack systems capable of reading, reasoning, and reconciling it at scale. Billing teams are overwhelmed by the amount of data and the rigidity of existing “automation” systems. 

São Paulo-based Revena has built an AI-native platform that automates the hospital revenue cycle. By reading medical records, understanding complex payer contracts, and generating compliant claims, Revena brings speed, accuracy, and reliability to one of healthcare’s most manual workflows. The platform reduces manual errors by 60–80% and delivers a 6-18% uplift in hospital revenues by recovering previously un-billed or under-billed services. 

“We believed that technology could unlock meaningful efficiency, and we were fortunate to encounter a problem that sits at the intersection of operations and finance: revenue cycle management,” Revena co-founder Mateus Noronha says.

We’re pleased to join lead investor Canary in funding Revena’s $8 million oversubscribed seed round. Revena reduces structural inefficiencies in healthcare finance, enabling hospitals to save time, recover lost revenue, and operate more efficiently. Driving down costs to ultimately improve care quality is central to Flourish Ventures’ healthcare fintech thesis.

Mateus and Diogo: From Classmates to Co-founders

Mateus and his co-founder, Diogo Freitas, first met in 2011 when they enrolled at the Instituto Tecnológico de Aeronáutica (ITA), one of Brazil’s leading engineering schools. Living in the same university dorms, they quickly developed a strong bond due to their shared love of startups and tech. That relationship deepened in 2014 when they both began working at edtech company Eduqo, where they gained experience building and scaling a startup that would eventually be acquired. 

Mateus and Diogo bring complementary skillsets to Revena. Mateus thrives on the frontline, interacting directly with customers across operations, customer success, and sales. He has years of experience understanding real user pain points and translating operational problems into viable products. Diogo is a founder-engineer through and through. After leaving Eduqo, he joined Buser, one of Brazil's leading VC-backed mobility platforms, as a founding engineer. The duo’s strong partnership is one forged by talent and trust. 

“By the time we started Revena, we had already built more than a decade of deep personal trust and professional collaboration,” Mateus says. “The combination of deep technical execution and strong customer and business intuition allowed us to approach Revena with much more maturity than in our earlier ventures.”

While the co-founders had little healthcare experience before launching Revena, they understood the massive opportunity the sector offered for positive outcomes. “We estimate that at least 50% of healthcare professionals’ time is spent on administrative tasks,” Mateus says. “Meanwhile, healthcare demand will continue to grow as populations age and medical inflation rises faster than overall inflation. This creates an urgent need for efficiency, transparency, and better infrastructure.”

During a six-month pilot at a hospital in São José dos Campos, in the state of São Paulo, Mateus observed a highly trained nurse spending almost all of her time on administrative work. She manually read extensive patient records, exams, and clinical notes to ensure that billing was clinically justified and compliant. This process required deep contextual understanding across clinical and financial data. Seeing that level of cognitive effort applied to repetitive administrative tasks made it clear that this was a structural problem and a strong fit for large language models. That insight became the foundation for Revena.

An AI-Native Platform to Reduce Administrative Work and Increase Revenue

Revena connects to the main hospital information and resource planning systems in the market. The platform uses AI agents to read clinical data, interpret payer contracts, and generate medical bills directly within Electronic Medical Records with increased speed, accuracy, and reliability. By reading clinical data and ensuring billing accuracy and compliance, the product directly reduces revenue leakage and operational effort of teams while improving hospital margins, all without changing care delivery. A human-in-the-loop layer, staffed by trained nurses, reviews complex cases and continuously improves model precision, ensuring consistent quality, faster iteration cycles, and control over proprietary model training data.

The company offers rapid results, providing time to value of around 2 weeks, compared with a 6- to 12-month implementation for traditional enterprise healthcare systems. Revena uses a performance-based pricing model where hospitals pay only when revenue losses are demonstrably prevented. During an early pilot, the company showed its value almost immediately. “When we presented the results to the hospital’s general director, her reaction was a literal shout of joy,” Mateus says. “The problem was real, and the solution delivered immediate and tangible value.” 

Revena grew 20x in 2025, deploying its technology in more than 60 hospitals. Reported outcomes across live hospitals include 6–18% revenue recovery, 65–75% reduction in financial ops workload, and 23% faster billing submission. The team will continue expanding its footprint in Brazil while building a data-driven flywheel to add and hone features such as denial prediction, reconciliation, and cost analytics.

Creating the Financial Infrastructure Layer for Brazilian Healthcare

Mateus, Diogo, and the team plan to use the funds to expand automation across the entire hospital revenue cycle, covering both insurer-reimbursed operations as well as SUS (public healthcare system) workflows. The company will move into adjacent financial workflows, including accounts payable and reconciliation, reinforcing its position as the operating system for hospital revenue management. With the fresh capital, the company will operate across the entire revenue cycle, from the moment the patient arrives at reception to the full collection of the medical bill by the hospital.

On a longer time horizon, Revena can transform into an essential bedrock component of healthcare in Brazil. By embedding itself across hospital receivables and payables, the company can enable direct payments from insurers to providers, automated reconciliation and disbursement, and working-capital solutions.

“Our long-term vision is to build the financial rails of healthcare, the infrastructure through which healthcare spending flows,” Mateus says. “In Brazil alone, this represents roughly $190 billion per year. By bringing clarity, automation, and trust to these flows, we believe we can drive meaningful system-level change.”

We believe that Mateus, Diogo, and the rest of the Revena team are building a fintech solution that positions them to be the core payments and data network of the future in the Brazilian healthcare ecosystem. We’re proud to support their efforts.