OpenEvidence, an AI-powered medical information platform, has secured $250 million in Series D funding, propelling 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 backers, including Sequoia, Nvidia, Kleiner Perkins, Blackstone, Bond, Craft Ventures, and the Mayo Clinic. 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 adoption among medical professionals.
OpenEvidence's success underscores the growing demand for AI-driven solutions in the healthcare sector. The company's platform, designed specifically for doctors, offers a modern alternative to traditional medical information resources like WebMD. This positions OpenEvidence in a competitive landscape that includes Anthropic's Claude for Healthcare, which targets patients, payers, and providers, and OpenAI's new health product, aimed at consumers. The influx of investment into OpenEvidence suggests that venture capitalists believe the company is well-positioned to capture a significant share of the market for AI-powered medical information.
OpenEvidence operates a free, ad-supported platform that provides healthcare professionals with access to a wide range of medical information and resources. By leveraging AI, the platform aims to streamline clinical consultations and improve patient outcomes. The company's focus on serving verified healthcare professionals differentiates it from consumer-focused health information platforms.
Looking ahead, OpenEvidence is expected to use the new funding to further enhance its platform, expand its reach within the U.S. healthcare market, and potentially explore new applications for its AI technology. The company's ability to attract significant investment despite increasing competition from major tech players suggests a promising future for OpenEvidence and the broader AI-powered healthcare information industry.
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