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OpenEvidence Revenue, Valuation, Funding & Investors
OpenEvidence is valued at $12B as of January 2026.
Last OpenEvidence valuation
$12B
Series D · Jan 2026
Last OpenEvidence funding round
$250M
Series D · Jan 2026
OpenEvidence revenue
$100M
Series D · Jan 2026
Key investors in OpenEvidence
Sequoia Capital
GV
Thrive Capital
Kleiner Perkins
Coatue
Blackstone
About OpenEvidence
OpenEvidence is a New York-based AI platform synthesizing peer-reviewed medical literature and journal content to deliver evidence-based answers for clinicians. It scans millions of studies for treatment recommendations, diagnostics, and guidelines, partnering with JAMA and NEJM. Launched in 2023, the tool supports bedside decision-making with cited sources and update alerts.
Founded
2021
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$100M (Jan 2026)
Valuation
$12B (Jan 2026)
OpenEvidence Valuation
OpenEvidence is currently valued at $12B, based on its Series D in January 2026.
The $250M round was led by DST Global and Thrive Capital, with participation from ICONIQ Capital, GV, Goanna Capital, Blackstone, Sequoia Capital and 5 other investors.
OpenEvidence's valuation has grown 28x from $425M at its seed round in July 2022 to $12B in January 2026, across 5 priced rounds.
OpenEvidence valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jan 2026 | Series D | $12B | 120.0x |
| Oct 2025 | Series C | $6B | 60.0x |
| Jul 2025 | Series B | $3.5B | 35.0x |
| Feb 2025 | Series A | $1B | 10.0x |
| Jul 2022 | Seed | $425M | - |
OpenEvidence Revenue
OpenEvidence's latest recorded revenue is $100M, as of its Series D in January 2026.
Revenue moved from $100M in February 2025 to $100M in January 2026.
OpenEvidence revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jan 2026 | $100M | $12B | 120.0x | Series D |
| Oct 2025 | $100M | $6B | 60.0x | Series C |
| Jul 2025 | $100M | $3.5B | 35.0x | Series B |
| Feb 2025 | $100M | $1B | 10.0x | Series A |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
OpenEvidence Funding History
OpenEvidence has raised a total of $767M across 6 funding rounds.
OpenEvidence's first fundraising round was a $5M seed round in November 2021. The most recent completed round was a $250M Series D in January 2026.
OpenEvidence funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2026 | Series D | DST Global (lead); Thrive Capital (lead); ICONIQ Capital; GV; Goanna Capital; Blackstone; Sequoia Capital; Henry Kravis; Alkeon Capital; Mayo Clinic; Meritech Capital Partners; Craft Ventures | $250M | $12B | OpenEvidence is an AI-powered medical information platform designed for doctors, functioning as a chatbot for searching clinical evidence and supporting clinical consultations, often likened to 'ChatGPT for doctors.' The free, ad-supported platform achieved rapid adoption, serving 18 million clinical consultations from verified U.S. healthcare professionals in December 2025 alone, up from 3 million per month a year earlier, and is used by more than 40% of U.S. physicians. In January 2026, OpenEvidence raised $250 million in a Series D funding round co-led by Thrive Capital and DST Global, achieving a $12 billion post-money valuation, doubling from its prior $6 billion valuation in October 2025. The round included participation from existing investors such as Sequoia Capital, GV (Google Ventures), Nvidia, Kleiner Perkins, Blackstone, ICONIQ Capital, Craft Ventures, Mayo Clinic, Meritech Capital Partners, Alkeon Capital, Goanna Capital, Henry Kravis, and others, bringing total funding to approximately $700 million over the past 12 months. The company reported surpassing $100 million in revenue, described as annualized revenue last year, alongside its advertising-based business model targeting clinicians. Funds will support R&D and compute costs for its multi-AI agentic architecture. OpenEvidence positions itself as the leading healthcare AI company, with superior accuracy and dominance in the medical AI segment amid competition from OpenAI's ChatGPT Health and Anthropic's Claude for Healthcare. The platform's growth reflects strong investor confidence despite market concerns about ad and SaaS models sustaining high valuations, with potential in leveraging collected clinical data for pharma services. Founded in 2022 and based in Miami, OpenEvidence emphasizes independence over acquisition. |
| Oct 2025 | Series C | GV (lead); Kleiner Perkins; Blackstone; Sequoia Capital; Craft; Thrive Capital; Coatue; Bond | $200M | $6B | OpenEvidence is an AI platform described as ChatGPT for doctors, trained on medical journals like JAMA and the New England Journal of Medicine, providing quick answers to medical knowledge for treating patients. Verified medical professionals access the tool for free, supported by advertising. The company, founded in 2022, has seen rapid growth with clinical consultations per month nearly doubling to 15 million since July 2025. The platform targets doctors and nurses, focusing on evidence-based medical queries amid rising demand for industry-specific AI tools. On October 20, 2025, OpenEvidence raised $200 million in a funding round at a $6 billion valuation, led by GV (Google Ventures), with participation from Sequoia Capital, Kleiner Perkins, Blackstone, Thrive Capital, Coatue Management, Bond, and Craft. This Series C round follows a $210 million Series B three months earlier at a $3.5 billion valuation, highlighting strong investor interest in specialized AI for healthcare. Earlier, in February 2025, the company raised approximately $75 million in Series A funding at a $1 billion valuation, achieving unicorn status. |
| Jul 2025 | Series B | GV (lead); Kleiner Perkins (lead); Conviction; Sequoia Capital; Thrive Capital; Coatue | $210M | $3.5B | OpenEvidence is an AI-powered medical search engine and application designed exclusively for verified U.S. clinicians, providing real-time, evidence-based answers for high-stakes clinical decisions at the point of care. It aggregates, synthesizes, and visualizes clinically relevant medical evidence from trusted sources like JAMA, the New England Journal of Medicine, and AMA journals, helping combat physician burnout and information overload. The platform is offered free to doctors, has grown organically through word-of-mouth, and is actively used across over 10,000 hospitals and medical centers nationwide by more than 40% of U.S. physicians who log in daily. On July 15, 2025, OpenEvidence announced a $210 million Series B funding round at a $3.5 billion valuation, co-led by GV (Google Ventures) and Kleiner Perkins, with participation from Sequoia Capital (which led the earlier 2025 Series A), Coatue, Conviction, and Thrive Capital. This brings total funding raised since founding in 2022 to over $300 million. The Series A, led by Sequoia, was $75 million at a $1 billion valuation. Funds will expand strategic content partnerships to enhance the library of advanced medical knowledge. Traction metrics highlight explosive growth: from 358,000 verified physician consultations in July 2024 to over 8.5 million monthly consultations by July 2025, equating to that volume each workday now, with a 2,000%+ year-over-year growth rate and 65,000 new verified U.S. clinician registrations monthly. Alongside the round, OpenEvidence launched DeepConsult, an AI agent for autonomous PhD-level medical research summaries analyzing hundreds of peer-reviewed studies. Founded by Daniel Nadler (previous Kensho founder, acquired by S&P Global for $700 million in 2018) and Zachary Ziegler, both Harvard/MIT PhDs, OpenEvidence is HIPAA-compliant and available on iOS/Android. Nadler was named to the 2025 TIME100 Health list. |
| Feb 2025 | Series A | Sequoia Capital (lead) | $75M | $1B | OpenEvidence is an AI-powered medical search engine and clinical decision support platform designed specifically for doctors, often described as 'ChatGPT for doctors.' It searches across 35 million peer-reviewed publications, including a content partnership with the New England Journal of Medicine since 1990, to provide hallucination-free answers on treatments, drug safety, disease causes, and patient-specific factors. Founded in 2021 by Daniel Nadler, previously of Kensho Technologies sold for $700M, the Cambridge, Mass.-based company was self-funded initially and raised a friends and family round in 2023 before this institutional investment. On February 19-20, 2025, OpenEvidence closed a $75 million Series A round led by Sequoia Capital at a $1 billion post-money valuation, marking its first institutional funding and bringing total capital raised to over $100 million. Sequoia partner Pat Grady highlighted its potential to transform healthcare delivery amid growing caseloads and rapidly evolving medical knowledge that doubles every 73 days. The platform is free for verified U.S. doctors, monetizing via advertising, positioning it as a consumer internet company in healthcare. Proceeds will scale operations, train next-generation medical LLMs, recruit AI scientists from Harvard and MIT PhD programs, expand its medical knowledge library, and forge partnerships with researchers in oncology, neuroscience, cardiology, and more. OpenEvidence communicates conversationally, generates medical charts and graphs, and only responds when literature is conclusive, ensuring reliability for point-of-care decisions. |
| Jul 2022 | Seed | Breyer Capital; Ken Moelis; Brian Sheth | $27M | $425M | - |
| Nov 2021 | Seed | Daniel Nadler (lead) | $5M | - | - |
Who has invested in OpenEvidence?
21 investors have backed OpenEvidence across its funding rounds, including Sequoia Capital, GV, Thrive Capital, Kleiner Perkins, Coatue and Blackstone.
Lead investors include DST Global, Thrive Capital, GV, Kleiner Perkins, Sequoia Capital and 1 other investor.
OpenEvidence Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Feb 2025 | ||
| 3 | Lead | Jul 2025 | ||
| 3 | Lead | Jul 2025 | ||
| 2 | Lead | Jul 2025 | ||
| 2 | Participant | Oct 2025 | ||
| 2 | Participant | Jul 2025 | ||
| 1 | Participant | Jul 2022 | ||
| 1 | Participant | Jan 2026 | ||
| 1 | Participant | Jul 2025 | ||
| 1 | Participant | Jan 2026 | ||
| 1 | Lead | Nov 2021 | ||
| 1 | Participant | Oct 2025 | ||
| 1 | Participant | Jan 2026 | ||
This data is available for Pro users. Sign up to see all 21 OpenEvidence investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by OpenEvidence
OpenEvidence has acquired 1 company to date.
Last acquisition by OpenEvidence was on September 10th 2025. OpenEvidence acquired Amaro for undisclosed valuation.
Latest Acquisitions by OpenEvidence
| Description | Amaro is a Tel Aviv-based AI advertising platform analyzing creatives, campaigns, and audience data to optimize performance. The tool processes video ads, identifies winning elements, and delivers actionable insights for marketers across digital channels. |
| HQ Country | |
| HQ City | Miami, FL |
| Deal Date | 10 Sep 2025 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all OpenEvidence acquisitions and their M&A valuation multiples. Start Free Trial | |
OpenEvidence Competitors
OpenEvidence competitors include listed companies like ICON plc, Tempus AI, Solventum and Revvity, and private ones like Oura and WeDoctor.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $500M | - | $11B | 22.0x | ||
| Publicly listed | $8.3B | $816M | $13B | 1.9x | ||
| Publicly listed | $1.3B | ($131M) | $15B | 10.1x | ||
| Publicly listed | $8.3B | $2.5B | $15B | 2.4x | ||
| Publicly listed | $2.9B | $735M | $16B | 6.6x | ||
| Private | $139M | - | $7B | 50.4x |
OpenEvidence Public Comps
OpenEvidence is still privately-owned, but its public comps include ICON plc, Tempus AI, Solventum, Caris Life Sciences, Hinge Health, Revvity, XtalPi, GeneDx, CareDx and Privia Health.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $8.3B | $816M | 1.9x | 1.9x | 19.2x | 11.3x | |||
| $1.3B | ($131M) | 12.0x | 10.1x | (116.0x) | 346.0x | |||
| $8.3B | $2.5B | 2.4x | 2.4x | 7.8x | 8.9x | |||
| $812M | ($5M) | 10.3x | 8.7x | (1640.5x) | 49.4x | |||
| $588M | ($522M) | 12.3x | 9.3x | (13.9x) | 34.6x | |||
| $2.9B | $735M | 6.5x | 6.6x | 25.4x | 21.0x | |||
| $120M | $22M | 24.8x | 21.5x | 134.0x | (141.6x) | |||
| $428M | $7M | 7.4x | 6.8x | 477.6x | 183.5x | |||
This data is available for Pro users. Sign up to see all OpenEvidence competitors and their valuation data. Start Free Trial | ||||||||
Common questions about OpenEvidence
| When was OpenEvidence founded? | OpenEvidence was founded in 2021. |
| Where is OpenEvidence headquartered? | OpenEvidence is headquartered in United States. |
| Is OpenEvidence publicly listed? | No, OpenEvidence is a private, VC-backed company. |
| What is OpenEvidence's valuation? | OpenEvidence was last valued at $12B in its Series D in January 2026. |
| How much funding has OpenEvidence raised? | OpenEvidence has raised $767M across 6 funding rounds. |
| What was OpenEvidence's last funding round? | OpenEvidence's last funding round was a $250M Series D in January 2026, led by DST Global and Thrive Capital. |
| Who are OpenEvidence's investors? | OpenEvidence's investors include Sequoia Capital, GV, Thrive Capital, Kleiner Perkins, Blackstone, Coatue, Breyer Capital, ICONIQ Capital, Conviction, Goanna Capital and 11 others. |
| What is OpenEvidence's revenue? | OpenEvidence's latest recorded revenue is $100M (January 2026). |
| Which companies are comparable to OpenEvidence? | Companies comparable to OpenEvidence include Oura, ICON plc, Tempus AI, Solventum, Revvity and WeDoctor. |
| How many companies has OpenEvidence acquired? | OpenEvidence has acquired 1 company, including Amaro. |
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