OpenEvidence reaches $15 billion valuation on physician adoption
Miami-based OpenEvidence, an advertising-funded chatbot that helps doctors search medical journals and clinical guidelines, raised $250 million in September at a $15 billion valuation. The company said physicians processed more than 42 million prompts in the prior month, while the report says nearly two-thirds of U.S. doctors use the service. OpenEvidence has embedded its tool in electronic health records at institutions including Mount Sinai Health System, Memorial Sloan Kettering Cancer Center and NYU Langone. Clinical evaluations have been mixed: a small Mayo Clinic study found accurate recommendations in five sampled cases, while other research found weaker benchmark performance than Google Gemini and OpenAI GPT.
The valuation, reported physician adoption and hospital integrations indicate that AI-assisted medical search has become a significant healthcare business. However, major usage and revenue figures rely partly on company or insider claims, and evidence of clinical effectiveness remains mixed.
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Nearly two-thirds of US doctors are turning to an AI-powered search engine to make patient decisions, propelling a little-known tech startup to a $15 billion valuation while prompting a debate over the future of patient care.
Miami-based OpenEvidence, founded by serial entrepreneur Daniel Nadler in 2022, said that many of America’s 1 million physicians processed more than 42 million prompts last month. Doctors are using the company’s chatbot to scour medical journals and clinical guidelines to help diagnose and treat patients.
The ads-powered platform has grown largely by word of mouth, penetrating a sector where few tools have seen similar traction. “We’re the first viral consumer internet app in healthcare,” Nadler told the FT in an interview.
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