Key facts
- Nearly two-thirds of US doctors use OpenEvidence's AI chatbot.
- OpenEvidence has a $15 billion valuation after a $250 million funding round in September.
- The company is projected to generate $400 million to $500 million in ad revenue by the end of 2026.
- A Mayo Clinic study found OpenEvidence provided accurate recommendations in sampled cases.
- A Nature paper indicated OpenEvidence underperformed other AI models on clinical benchmarks.
OpenEvidence, an AI-powered search engine for doctors, has achieved a $15 billion valuation, with nearly two-thirds of US physicians reportedly using its platform to aid in diagnosis and treatment. Founded in 2022 by Daniel Nadler, the company processed over 42 million prompts last month, leveraging an ad-supported model that has driven its rapid growth through word-of-mouth.
While praised by some medical professionals for easing workloads and providing context, OpenEvidence faces scrutiny over the accuracy of its results and the implications of doctors' growing reliance on AI. The company has attracted nearly $1 billion in investment, with its latest funding round in September valuing it at $15 billion. Projections indicate it could generate between $400 million and $500 million in ad revenue by the end of 2026.
Competitors like OpenAI and Anthropic are also entering the healthcare AI space. A Mayo Clinic study found OpenEvidence provided accurate recommendations, but a Nature paper suggested it underperformed other general-purpose AI models on clinical benchmarks. The company has withdrawn from the EU and UK due to the AI Act, and plans to launch clinical trials and explore AI-driven drug discovery.