OpenEvidence Secures $200M in Series C Funding, Valuation Soars to $6B

OpenEvidence, a rapidly growing artificial intelligence startup in the medical field, has secured $200 million in Series C funding, propelling its valuation to $6 billion. This latest investment round comes just three months after the company's $210 million Series B, bringing its total funding to nearly $500 million since its founding in 2022.

Explosive Growth and Widespread Adoption

OpenEvidence has experienced remarkable growth, now supporting over 16 million clinical consultations per month. The company's AI-powered medical search engine and generative AI chatbot, designed exclusively for healthcare professionals, has seen an 830% increase in usage among doctors and nurses in the United States over the past year.

Daniel Nadler, Ph.D., one of OpenEvidence's founders, stated, "This year, more than 100 million Americans will be treated by a doctor using OpenEvidence. No technology in the history of healthcare has been adopted by doctors as quickly as OpenEvidence, other than perhaps Google.com itself."

Strategic Partnerships and Technological Advancements

The startup has formed strategic content partnerships with leading medical organizations, including the American Medical Association, The New England Journal of Medicine, and The Journal of the American Medical Association. These partnerships have allowed OpenEvidence to differentiate itself from other medical AI chatbots by providing access to gold-standard medical knowledge.

In addition to its core search product, which returns evidence-based answers in 5-10 seconds, OpenEvidence recently launched DeepConsult. This advanced AI agent, described as a "digital twin of a Ph.D.-level researcher," aims to help physicians quickly gain expertise in new areas of medical knowledge.

Funding Allocation and Future Plans

The fresh funding, led by Google Ventures with participation from existing and new investors, will be used to further develop OpenEvidence's AI technology. Nadler emphasized the significant costs associated with training new medical AI models, stating, "AI is expensive. Training new medical AI models—including search, ranking, retrieval, and clinical-trial-matching models—demands enormous compute resources."

As OpenEvidence continues to expand its reach and capabilities, it remains committed to providing free access to its chatbot for physicians, relying on word-of-mouth growth among healthcare professionals.