Miami-based OpenEvidence, founded by Daniel Nadler in 2022, has reached a valuation of $15 billion. The company secured $250 million in a September funding round, bringing its total investment to nearly $1 billion over the last 18 months. Key investors include Andreessen Horowitz, Blackstone, Thrive Capital, and Sequoia.
The platform operates on an advertising-based model, with projected revenue between $400 million and $500 million for 2026. By the end of 2025, the company had booked $100 million in advertising commitments. The tool is currently used by a significant portion of the 1 million physicians in the United States, who processed over 42 million prompts last month.
OpenEvidence integrates with electronic health records at institutions like Mount Sinai Health System and Memorial Sloan Kettering Cancer Center. While the company has expanded its influence, it faces competition from OpenAI and Anthropic. Earlier this year, OpenEvidence withdrew from the EU and UK markets due to the AI Act.
The startup plans to launch clinical trials for cancer and rare disease research in the coming weeks. It aims to apply AI to drug discovery by mining scientific literature. Alexander Tarashansky has joined the team to lead these clinical efforts, while the company continues to face scrutiny from researchers regarding the accuracy of its results compared to general-purpose AI models.
