OpenEvidence mulls raising $200M at $20B valuation

OpenEvidence, a health care-focused artificial intelligence startup often referred to as "ChatGPT for doctors," is reportedly considering a new funding round that would value the company at $20 billion, up from its current $12 billion valuation. The company recently closed a $250 million financing led by Thrive Capital and DST, bringing total raised to $700 million since February 2026. OpenEvidence has experienced rapid growth, with valuation doubling in less than a year and annual revenue surpassing $100 million in 2025.

Founded in 2022 by Daniel Nadler and Zachary Ziegler, OpenEvidence provides a HIPAA-compliant AI tool designed to assist physicians in making clinical decisions. The platform is trained on data from top scientific journals rather than general internet sources, which the company claims ensures higher-quality medical insights. According to Nadler, the tool is used by over 40% of U.S. physicians.

While competitors such as OpenAI and Anthropic have entered the health care AI space with their own offerings, OpenEvidence maintains a first-mover advantage and a unique dataset of real-world clinical consultations. The proposed $20B valuation reflects investor confidence in the company’s growth trajectory and the broader potential of AI in health care.