OpenEvidence, an AI startup whose tools are used by American doctors, raised $250 million in new financing, at a valuation of $12 billion, the company, backed by Nvidia and Google Ventures, announced this Wednesday, doubling its value in just three months.
Increased investment in generative AI has so far focused on consumer and productivity software, but OpenEvidence highlights a shift toward specialized medical applications as hospitals and doctors increasingly turn to AI to support clinical decisions that can impact patient outcomes.
The Series D funding round was co-led by Thrive Capital and DST Global, bringing OpenEvidence’s total funding to nearly $700 million, according to the company.
OpenEvidence was valued at $6 billion in October, when it raised approximately $200 million, PitchBook data indicates. This rise in valuation underscores growing investor enthusiasm for health-focused AI companies that can demonstrate real adoption.
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OpenEvidence has managed 18 million clinical consultations
Founded by Daniel Nadler, OpenEvidence develops a specialized AI-based medical search engine that helps healthcare professionals quickly find and synthesize information from peer-reviewed scientific journals and clinical guidelines.
The company stated that its platform is used daily by more than 40% of doctors in the United States, in more than 10,000 hospitals and medical centers.
By limiting its training data to trusted medical sources and establishing formal collaborations with organizations such as the New England Journal of Medicine and the American Medical Association, the company seeks to address concerns about accuracy and trust that have hindered the adoption of AI in the healthcare sector.
OpenEvidence said it handled nearly 18 million clinical visits from verified U.S. doctors in December, up from about 3 million monthly visits a year earlier.
The startup said it would use the new capital to invest in research and development and to scale its AI architecture, which directs doctors’ questions to specialized medical systems.
With information from Reuters
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