This OpenEvidence company profile covers the company's valuation, revenue, funding rounds, investors and history. OpenEvidence works in health technology, with a focus on AI medical search for clinicians. It was founded in 2022 and is headquartered in Miami, Florida, United States. Its latest valuation on record is US$12 billion (January 2026). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
| Metric | Value | As of | Source |
|---|---|---|---|
| Total funding | About US$700 million | January 2026 | CNBC |
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Jan 2026 | Equity round | US$250M | US$12B | Thrive Capital and DST Global (co-leads) | CNBC |
| Oct 2025 | Equity round | See source | US$6B | See source | CNBC |
| Feb 2025 | First outside round | US$75M | US$1B | Sequoia Capital | CNBC |
OpenEvidence timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2022 — OpenEvidence is founded in Miami by Daniel Nadler (CEO) and Zachary Ziegler.
- Feb 2025 — First outside round: US$75M, valuing the company at US$1B. Investors: Sequoia Capital.
- Oct 2025 — Equity round: See source, valuing the company at US$6B.
- Jan 2026 — Equity round: US$250M, valuing the company at US$12B. Investors: Thrive Capital and DST Global (co-leads).
- January 2026 — Total funding: About US$700 million.
Investors
Overview
OpenEvidence is an AI tool built for doctors and other clinicians. A physician types a clinical question, such as the best treatment for a particular combination of conditions or the latest guidance on a drug interaction, and OpenEvidence searches the medical literature and returns an answer with citations to peer-reviewed studies and guidelines. It is free for verified healthcare professionals and has spread rapidly through hospitals and clinics in the United States, often described in the press as "ChatGPT for doctors".
Daniel Nadler, the CEO, founded OpenEvidence in 2022 with Zachary Ziegler. Nadler previously founded Kensho, an AI company that analysed financial data and was sold to S&P Global for about US$550 million in 2018. The company started in the Boston area and later moved its headquarters to Miami. It is one of the fastest-growing companies in healthcare AI.
Why doctors use it
Medical knowledge grows quickly: thousands of studies are published every week, and guidelines change. A busy clinician can't keep up with everything, and traditional reference tools can be slow to search. OpenEvidence answers questions in seconds, in plain language, and shows exactly which studies support each part of the answer, so a doctor can check the sources. Unlike general chatbots, it draws on curated medical literature and has content agreements with major medical publishers and journals, which improves reliability and trust.
How OpenEvidence makes money
Because OpenEvidence is free for clinicians, it earns money mainly through advertising, especially from pharmaceutical and medical device companies that want to reach doctors. This is similar to how medical journals and physician websites have long been funded. It must keep advertising separate from clinical answers to protect trust. The company may also earn from enterprise agreements with health systems. It doesn't publish revenue, and estimates from research firms vary, so we show revenue as not disclosed.
Funding history
OpenEvidence's valuation rose at a remarkable pace:
- February 2025: its first outside funding, US$75 million from Sequoia Capital at a US$1 billion valuation.
- October 2025: a new round at a US$6 billion valuation.
- January 2026: US$250 million at a US$12 billion valuation, co-led by Thrive Capital and DST Global, bringing total funding to about US$700 million.
Reports later in 2026 described a further round at a higher valuation, but the company hadn't confirmed the terms when we last checked, so we use the January 2026 figure.
Adoption
OpenEvidence has said a large and growing share of US physicians use its platform, and coverage has reported that a significant proportion of US doctors use it regularly. Usage spreads through word of mouth among clinicians and through medical schools and residency programmes, where younger doctors adopt new tools quickly. The more doctors rely on it, the more valuable it becomes to advertisers, which drives revenue.
Risks and regulation
Medical AI carries obvious risks. An incorrect answer could contribute to a wrong clinical decision, which is why OpenEvidence emphasises citations and limits access to healthcare professionals. Regulators are still working out how to oversee AI clinical decision support tools, and rules could tighten. Advertising from drug companies creates potential conflicts of interest that must be managed carefully. And competition is growing, from established clinical reference providers and from large AI companies building medical features.
Competitive landscape
OpenEvidence competes with established clinical reference tools such as UpToDate (owned by Wolters Kluwer) and other point-of-care resources, with electronic health record vendors adding AI features, and with general-purpose AI assistants that doctors may use informally. Its advantages are speed, its free model, partnerships with publishers and a strong lead in physician adoption.
What to watch next
Watch confirmation of new funding rounds, revenue growth from advertising, regulatory developments for clinical AI, partnerships with health systems and publishers, and competition from incumbents.
Key facts at a glance
OpenEvidence is a Miami medical AI company founded in 2022 by Daniel Nadler and Zachary Ziegler. It offers free AI-powered medical search for clinicians, funded mainly by advertising. It raised US$75 million from Sequoia at US$1 billion in February 2025, was valued at US$6 billion in October 2025, and raised US$250 million at US$12 billion in January 2026, co-led by Thrive Capital and DST Global.
The advertising model in medicine
Pharmaceutical companies spend heavily to reach doctors, through sales representatives, conferences, journals and websites. A tool that a large share of doctors use every day becomes a valuable channel for that spending. The challenge is maintaining clinical integrity: doctors need to trust that answers aren't influenced by advertisers. Clear separation between ads and content, transparency and strict editorial rules are essential. If trust erodes, usage could fall quickly.
Why valuations rose so fast
OpenEvidence's valuation went from US$1 billion to US$12 billion in under a year. Investors were reacting to very fast adoption among a professional audience that's usually hard to reach, combined with an advertising model that can scale quickly. Fast-rising valuations also reflect competition among top investors to back leading AI companies. Our guide to tracking startup funding rounds explains how to record such rapid changes reliably.
Questions to ask about clinical AI tools
- Which sources does it draw on, and are citations shown for every answer?
- How is advertising separated from clinical content?
- How does it handle patient data, if any is entered?
- Has it been evaluated in independent studies?
Health systems evaluating these tools usually start with a small pilot group of clinicians, track how often answers are accurate and useful, and review the tool's data handling with their compliance teams before wider rollout.
Independent evaluations published in peer-reviewed medical journals are another very useful check when comparing different clinical AI tools.
What this means if you're…
A clinician: use AI tools as a fast starting point, and always check cited sources for important decisions.
A health tech founder: OpenEvidence shows how a free product for professionals can grow quickly with an advertising model.
An investor: weigh rapid adoption against regulatory and trust risks.
Latest developments (October 2026)
OpenEvidence's January 2026 Series D of US$250 million at US$12 billion, co-led by Thrive Capital and DST Global, remains its latest confirmed round. Later reports said it closed a further round at about US$15 billion and received acquisition interest, and in July The Information reported it was seeking to raise at about US$20 billion, according to Dealroom; those reports were not confirmed by the company. See our healthcare AI guide.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does OpenEvidence do?
OpenEvidence is a health technology / ai medical search for clinicians company headquartered in Miami, Florida, United States. It was founded in 2022.
What is OpenEvidence's valuation?
OpenEvidence was valued at US$12 billion as of January 2026, according to CNBC. Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does OpenEvidence make?
OpenEvidence is a private company and has not publicly disclosed its revenue. Figures on third-party sites are usually modelled estimates rather than numbers reported by the company.
What was OpenEvidence's latest funding round?
The most recent financing we have verified is a equity round in Jan 2026: US$250M, at a valuation of US$12B. Source: CNBC.
Who are OpenEvidence's investors?
Investors named in public announcements include Thrive Capital, DST Global and Sequoia Capital.
Who founded OpenEvidence?
OpenEvidence was founded in 2022 by Daniel Nadler (CEO) and Zachary Ziegler.
Is OpenEvidence a public company?
No. OpenEvidence is a private company (private, venture backed), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is OpenEvidence headquartered?
OpenEvidence is headquartered in Miami, Florida, United States.