OpenEvidence, an AI-powered medical information platform, has secured $250 million in Series D funding, catapulting its valuation to $12 billion. The round was co-led by Thrive Capital and DST, signaling strong investor confidence in the company's trajectory despite emerging competition from tech giants like OpenAI and Anthropic.

The latest funding round doubles OpenEvidence's valuation from its previous raise in October, when it secured $200 million at a $6 billion valuation led by GV. To date, the company has raised a total of $700 million from a diverse group of investors, including Sequoia, Nvidia, Kleiner Perkins, Blackstone, Bond, Craft Ventures, Mayo Clinic, and others. OpenEvidence reported surpassing $100 million in revenue and facilitating 18 million clinical consultations from verified healthcare professionals in the U.S. during December alone. This represents a significant increase from approximately 3 million searches per month a year prior, highlighting the platform's rapid growth and adoption within the medical community.

OpenEvidence's success comes at a time when the healthcare AI market is becoming increasingly competitive. While OpenAI and Anthropic are developing health information products, OpenEvidence differentiates itself by focusing specifically on providing AI-driven medical information to doctors. This positions it as a next-generation WebMD for healthcare professionals. While Anthropic's Claude for Healthcare targets a broader audience including patients, payers, and providers, and ChatGPT's health product is geared towards consumers, OpenEvidence's targeted approach may give it a competitive edge in the professional medical information space.

OpenEvidence operates a free, ad-supported platform, providing verified healthcare professionals with access to a wealth of medical information and AI-powered tools. This model allows for widespread adoption and positions the company as a key resource for doctors seeking to enhance their clinical decision-making.

Looking ahead, OpenEvidence is poised to further expand its reach and impact within the healthcare industry. The new funding will likely be used to enhance its AI capabilities, expand its content library, and further penetrate the U.S. market. The company's ability to attract significant investment despite the presence of larger players in the AI healthcare space suggests a strong belief in its focused strategy and potential for continued growth.