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OpenEvidence

Free AI medical search and clinical decision support used by ~45% of US physicians, monetized like a medical Google

AI Agents & EvidenceClinical Decision Support AIFounded 2022 · Miami, Florida, US (major engineering hub in San Francisco)Website

Updated 3d ago

Valuation

$12.0B

as of Jan 2026

Total raised

$735M

Series D

Est. revenue

$150M

~2025

Momentum

10/10

Maturity

6/10

Headcount

~119

Valuation trajectory
Disclosed post-money valuation at each round
Business focus

AI-powered medical evidence search engine and clinical decision support for verified clinicians. Grounds LLM answers in licensed peer-reviewed literature (NEJM, JAMA Network) and specialty-society guidelines, with cited answers at the point of care. Expanding from text Q&A into multimodal evidence (JOMI peer-reviewed surgical video with segment-level retrieval), embedded FDA-cleared diagnostics (Pathway Labs' EchoNext ECG-based heart-disease detection), ambient documentation (Visits), autonomous research agents (DeepConsult), and enterprise EHR-embedded deployments across whole clinical workforces.

Revenue model

Free to verified clinicians; ad-supported (pharma/med-device ads at $70-$1,000+ CPMs, ~$124 ARPU), now layering enterprise per-seat/EHR-embedded subscriptions for health systems

Sacra (updated May 2026): $150M annualized exiting 2025 (up ~1,800% from $7.9M in 2024) at ~90% gross margins; press at Series D cited '$100M+ annual revenue'. Sum of disclosed rounds is $735M; outlets round to 'nearly $700M'. Enterprise EHR deals (Sutter, Mount Sinai, Cedars-Sinai) expected to lift ARPU 5-10x over ads. 65k+ new verified clinician registrations/month; ~20M consultations/month (Jan 2026); single-day record of 1M consultations on Mar 10, 2026. No new round disclosed since Series D as of Jul 2026.

Strategy

Consumer-style land grab in a B2B2C wrapper: give the product away free to individual physicians, verify identity, achieve daily-habit usage (~20M consultations/month, 1M in a single day by Mar 2026, ~45% of US doctors), then monetize the audience with ultra-high-CPM pharma advertising — the 'medical Google' playbook. Phase two, visible through 2026: convert bottom-up adoption into top-down enterprise contracts embedded in Epic (Sutter, Mount Sinai, Cedars-Sinai), distribute through Microsoft Dragon Copilot/Teams, and lock up exclusive content moats with journals and specialty societies (JAMA, NCCN algorithms, ASCO guidelines, SSO, SNO, JOMI video). Phase three now emerging: become the distribution layer for third-party clinical AI — embedding FDA-cleared diagnostics like Pathway Labs' EchoNext directly into the consultation workflow — while pitching 'medical superintelligence' agents that do hours of literature synthesis autonomously. International English-speaking markets (UK/Canada/Australia, ~15M physicians globally) and life-sciences intelligence (Veeva 'Open Vista') are next expansion vectors.

Moat

Exclusive multi-year content licenses with NEJM, JAMA Network, and a fast-growing roster of specialty societies and content types (NCCN treatment algorithms, ASCO guidelines/figures, SSO, SNO, AAFP, ACEP, and now JOMI's 357 peer-reviewed surgical videos with a segment-retrieval model) that competitors cannot legally replicate; a verified-physician user base approaching half of US doctors generating proprietary clinical-question data; and an advertising marketplace with unmatched physician reach. Distribution moat deepening via Epic-embedded enterprise rollouts, the Microsoft partnership, and its new role as the default distribution channel for third-party FDA-cleared AI (EchoNext).

Future bets

Enterprise EHR-embedded deployments across whole clinical workforces (nurses, pharmacists) with per-seat pricing

high

Sutter (Feb 2026), Mount Sinai (Mar 2026, first full-workforce Epic rollout), Cedars-Sinai (May 2026); Sacra reports non-ad enterprise version in development with 5-10x ARPU potential; open Security Engineer (Platform Security) role signals hardening for hospital-grade compliance

Multimodal evidence and a marketplace for embedded FDA-cleared clinical AI — becoming the distribution layer where third-party diagnostics meet half of US physicians

high

JOMI partnership (Jun 2026) is the first video-evidence integration with a custom segment-retrieval model over 357 peer-reviewed surgical videos; Pathway Labs' FDA-cleared EchoNext ECG heart-disease detection (Jun 2026) embeds a third-party diagnostic directly into consultations; NCCN algorithms and ASCO figures/flowcharts integrations show a deliberate move beyond text

'Medical superintelligence' — autonomous research agents doing PhD-level evidence synthesis

high

Series D press framing ('Raises $250M to Build Medical Superintelligence'), DeepConsult agent launch, JPM26 keynote positioning; hiring for Software Engineer, Applied AI ('modern AI models as product components')

Owning the full clinical encounter via ambient documentation (Visits) — attacking the AI-scribe market with free product

high

Visits launched Aug 2025 bundling transcription + evidence into one workflow, directly undercutting Abridge/Ambience/Suki SaaS pricing with ad-subsidized economics

Massive infrastructure scale-out to support consumer-internet-level clinical traffic

medium

Job board is dominated by Data Platform, Backend & Infrastructure, Site Reliability, Fullstack, and Security engineering roles (SF hub + Miami SRE) plus a Founding Recruiter — consistent with 20M+ consultations/month growing ~7x YoY and enterprise SLAs, not a sales-led expansion

Microsoft-distributed enterprise reach (Dragon Copilot, Teams, M365)

medium

March 2026 Microsoft collaboration puts OpenEvidence inside 600k+ Dragon Copilot users' workflows, a top-down channel complementing bottom-up adoption

Life-sciences data business and international expansion

medium

Veeva partnership on 'Open Vista' for trial matching/drug-discovery intelligence; Sacra cites targeting of 15M international physicians starting with UK/Canada/Australia, then EU/LatAm via multilingual models; no international launch announced yet as of Jul 2026

Recent moves

Jun 2026

Signed multi-year JAMA Network content agreement (JAMA + 11 specialty journals); named official generative-AI partner of the Society for Neuro-Oncology (Jun 23); partnership with Pathway Labs to embed EchoNext, the first FDA-cleared multicondition cardiology AI (ECG-based structural heart disease detection), into the platform (Jun 23); first video-evidence partnership with Journal of Medical Insight (JOMI) bringing 357 peer-reviewed surgical videos with segment-level AI retrieval (Jun 25)

May 2026

Cedars-Sinai enterprise deployment; STAT reports formal hospital/enterprise go-to-market motion; Society of Surgical Oncology strategic partnership with $100k SSO Innovator Grant (May 11); ASCO guidelines, figures and flowcharts integrated into specialty oncology model (May 27); NBC News reports most US doctors quietly using the tool

Apr 2026

NCCN collaboration integrating canonical oncology treatment algorithms at the point of care (Apr 27)

Mar 2026

Microsoft collaboration extending OpenEvidence into Dragon Copilot (600k+ users), Microsoft 365 Copilot, and Teams; Mount Sinai began first full-workforce Epic deployment including nurses and pharmacists; platform set single-day record of 1M clinical consultations (Mar 10)

Feb 2026

Sutter Health enterprise collaboration embedding OpenEvidence into Epic EHR workflows

Jan 2026

Raised $250M Series D at $12B co-led by Thrive Capital and DST Global 'to build medical superintelligence'; disclosed 40%+ US physician penetration and $100M+ annual revenue; JPM26 keynote. Same month, federal judge allowed most of its Doximity suit (computer fraud, contract, unjust enrichment; trade-secret claims dropped) and Doximity's counterclaims to proceed

Oct 2025

Raised $200M Series C at ~$6B valuation led by GV, announced at HLTH25, three months after Series B

Aug 2025

Launched 'Visits', a free ambient AI scribe/real-time clinical assistant, entering the AI documentation market against Abridge, Ambience, and Suki

Jul 2025

Raised $210M Series B at $3.5B led by GV and Kleiner Perkins; launched DeepConsult autonomous medical-research AI agents

Jun 2025

Sued Doximity in Massachusetts federal court alleging NPI-based impersonation and prompt-injection attacks to reverse-engineer its AI; Doximity countersued alleging defamation and unfair business practices

Key people

Daniel NadlerCo-founder & CEO

Harvard PhD; previously founded fintech AI firm Kensho, acquired by S&P Global for ~$700M in 2018; Forbes-estimated net worth ~$7.6B after Series D.

Zachary (Zack) ZieglerCo-founder & CTO

Harvard machine-learning PhD researcher; leads the famously small engineering/research team behind the platform.

Travis ZackChief Medical Officer

UCSF oncologist and physician-scientist with AI/ML research background; leads clinical evidence quality and medical strategy.

Strengths
  • Fastest-growing clinician application in history: ~740k-760k US physicians, ~45% of US doctors, ~20M consultations/month and a 1M-consultation single day (Mar 2026); 65k+ new verified clinicians/month
  • Exclusive licensed-content flywheel (NEJM, JAMA, NCCN, ASCO, specialty societies, JOMI video) that grounds answers and blocks copycats
  • Extraordinary capital access and momentum: valuation $1B -> $12B in under a year; backers include Sequoia, GV, Kleiner Perkins, Thrive, DST, Blackstone, Coatue
  • High-margin ad model (~90% gross margins, $70-$1,000+ CPMs) with revenue up ~1,800% YoY in 2025
  • Free-to-clinician model undercuts SaaS-priced rivals (UpToDate subscriptions, per-seat AI scribes)
  • Elite small team (~119 people supporting nearly half of US physicians) with repeat-founder CEO (Kensho exit) and strong clinical credibility via Mayo Clinic Platform origins
  • Emerging platform position: third-party FDA-cleared AI (Pathway Labs EchoNext) chooses OpenEvidence as its distribution channel to clinicians
Weaknesses
  • Ad-based revenue from pharma creates perceived conflict-of-interest risk in clinical decision support and invites regulatory/professional scrutiny
  • Revenue (~$150M annualized) is tiny relative to $12B valuation (~80x), leaving no room for growth stumbles
  • Enterprise/health-system sales, safety governance, and admin tooling are immature versus incumbents (STAT: pitching hospitals 'we're not crazy monsters'); hiring is still engineering-dominated with little visible enterprise GTM headcount
  • US-only footprint to date; content licenses and physician verification do not automatically translate internationally
  • Thin publicly known executive bench beyond the two founders and CMO for a company at this scale; still hiring a 'Founding Recruiter' at ~119 employees
  • Embedding third-party diagnostics (EchoNext) makes OpenEvidence accountable for clinical outputs it does not build, raising quality-control and liability surface
Risks
  • Free clinician-grade competitors from foundation-model players (OpenAI's ChatGPT for Clinicians, Google, Epic's native AI) and fast-following startups (Vera Health, IatroX, Evidex) commoditizing evidence Q&A
  • Litigation overhang: Jan 2026 Massachusetts federal ruling let most of OpenEvidence's suit against Doximity (computer fraud, breach of contract, unjust enrichment — trade-secret claims dropped) proceed alongside Doximity's counterclaims of false advertising, defamation, and unfair business practices
  • Regulatory risk if ad-influenced or hallucinated outputs are implicated in clinical harm; FDA scrutiny of CDS software boundaries sharpened by Nature Medicine's June 2026 benchmark exposing validation gaps between general-purpose LLMs and FDA-cleared clinical AI
  • Dependence on renewable content licenses — journals/societies could raise prices or defect to rivals once AI distribution norms mature
  • Valuation risk: doubling to $12B every quarter-to-quarter raise sets expectations only flawless enterprise conversion can meet; no new round disclosed in ~6 months after four raises in 12
  • Clinical liability from embedded third-party diagnostics: EchoNext screening outputs surface inside OpenEvidence consultations, blurring responsibility if detection errs
Ecosystem

Technologies

medical LLMsretrieval-augmented generation over licensed literatureLLM research agents (DeepConsult)ambient voice AI (Visits)surgical-video segment retrieval (JOMI)embedded FDA-cleared diagnostics (EchoNext ECG AI)Epic EHR integrationphysician identity verificationpharma ad-targeting platform

Partnerships

New England Journal of MedicineJAMA NetworkMayo Clinic (Platform Accelerate)MicrosoftSutter HealthMount Sinai Health SystemCedars-SinaiAmerican Medical AssociationNational Comprehensive Cancer Network (NCCN)American Society of Clinical Oncology (ASCO)Society of Surgical Oncology (SSO)Society for Neuro-Oncology (SNO)American Academy of Family PhysiciansAmerican College of Emergency PhysiciansJournal of Medical Insight (JOMI)Pathway Labs (EchoNext)Veeva Systems
Change history
Jul 8, 2026 · news

How AI is helping CNY doctors save time and focus on patients (bing.com)

Jul 8, 2026 · news

OpenEvidence Deepens Clinical AI Partnerships and Expands Multimedia Decision-Support Capabilities - TipRanks (TipRanks)

Jul 8, 2026 · news

Predicting Diseases, OpenEvidence Hits Back, and AI Makes Human Mistakes - Digital Health Wire (Digital Health Wire)

Jul 5, 2026 · news

A sweeping new AI to detect heart conditions is coming to OpenEvidence (bing.com)

Jul 5, 2026 · news

OpenEvidence and Journal of Medical Insight (JOMI) Partner to Bring Peer-Reviewed Surgical Videos to Clinicians (bing.com)

Jul 5, 2026 · seed

Intelligence profile re-researched for OpenEvidence.

Jul 5, 2026 · news

SNO and OpenEvidence Launch Official Generative AI Partnership - Yahoo Finance (Yahoo Finance)

Jul 5, 2026 · news

Pathway Labs Announces World's First FDA Clearance for Multicondition AI in Cardiology and Partnership with OpenEvidence - Yahoo Finance (Yahoo Finance)

Sources
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  5. businesswire.com/news/home/20260511494121/en/OpenEvidence-and-Society-of
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  8. sacra.com/c/openevidence/
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  10. beckreedriden.com/trade-secrets-and-ai-litigation-doximitys-motion-to-di
  11. courtlistener.com/docket/70596804/openevidence-inc-v-doximity-inc/
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