The company’s rapid rise reflects a broader shift in generative AI investment away from consumer and productivity software and toward specialized medical applications. Hospitals and physicians are increasingly turning to AI tools to support clinical decisions that can directly impact patient outcomes.
The Series D financing round was co-led by Thrive Capital and DST Global, bringing OpenEvidence’s total funding to nearly $700 million. The company was valued at $6 billion in October after raising roughly $200 million, according to PitchBook data. The new valuation jump highlights growing investor confidence in healthcare AI companies that demonstrate real-world adoption and measurable usage.
Founded by Daniel Nadler, OpenEvidence has developed an AI-powered medical search engine designed to help clinicians quickly find and synthesize information from peer-reviewed journals and clinical guidelines. The company said its platform is used daily by more than 40% of U.S. physicians across more than 10,000 hospitals and medical centers.
To address long-standing concerns about accuracy and trust in AI healthcare tools, OpenEvidence limits its training data to trusted medical sources and has formal partnerships with organizations such as the New England Journal of Medicine and the American Medical Association.
Usage has surged dramatically: OpenEvidence supported about 18 million clinical consultations from verified U.S. physicians in December, compared with roughly 3 million consultations per month a year earlier.
The company said the new funding will be used to expand research and development and scale its AI architecture, which routes physician questions to specialized medical systems.