Company · Agents & apps
OpenEvidence revenue, valuation & funding
OpenEvidence was valued at $12B in its last confirmed round, in January 2026, and was reported at about $300M in annualized revenue in July 2026. It's a private company and has announced no IPO plan.
At a glance
- Valuation: $12B at its last confirmed round, the Series D in January 2026. In July 2026 it reportedly weighed a round at $20B but was unlikely to proceed.
- Revenue: about $300M in annualized revenue in July 2026, as reported by The Information. OpenEvidence publishes no audited results.
- Status: private. No stock ticker. No IPO plan has been announced.
- Founded: 2022, by Daniel Nadler and Zachary Ziegler.
- CEO: Daniel Nadler, its co-founder.
- Headquarters: Miami, Florida.
- Investors: Thrive Capital, DST Global, Sequoia, Google Ventures, Kleiner Perkins, Nvidia, Blackstone and Mayo Clinic, among others.
- Products: a medical search engine that is free to verified US clinicians, plus DeepConsult, Visits, Voice Mode and its own models Osler, Sackett and Snow.
Is OpenEvidence public? Can you buy its stock?
No. OpenEvidence is a private company, so its shares don't trade on any stock exchange and it has no ticker symbol. Nasdaq Private Market says it has not had an IPO and has no IPO price.
Its executives haven't said publicly whether or when it will go public. No IPO filing has been reported.
Its shares are held by its founders, staff and investors. Some change hands on secondary marketplaces open only to accredited investors. This page reports facts and gives no investment advice.
Valuation, round by round
Its valuation went from $3.5B in July 2025 to $12B in January 2026, more than tripling in six months.
| Date | Valued at | Raised | Led by | Source |
|---|---|---|---|---|
| Jan 2026 | $12B | $250M | Thrive Capital and DST Global | Business Wire (OpenEvidence) |
| Oct 2025 | $6B | $200M | Google Ventures | TechCrunch |
| Jul 2025 | $3.5B | $210M | — | PR Newswire (OpenEvidence) |
Sacra gives a $75M Series A at $1B in February 2025, which isn't confirmed. It also gives a $250M round at $15B in September 2026, which isn't confirmed either. In July 2026 The Information reported it weighed $200M at $20B and was unlikely to proceed.
Revenue
OpenEvidence publishes no results. Its annualized revenue was about $150M at the end of 2025 by Sacra's estimate, and a reported $300M in July 2026.
A run rate is a month's revenue times twelve. It isn't audited revenue.
How OpenEvidence makes money
OpenEvidence is free to doctors and paid for by advertising, the company said in its January 2026 release. No paid plan or price list has been published.
- Pharmaceutical and device ads. Sacra says it gives verified US clinicians free access and earns money from pharmaceutical and medical device advertising. Sacra
- Ad technology. It bought Amaro, a GV-backed advertising infrastructure and automation startup. Coverage dates the deal to September 2025. Sacra
- Gross margins. Sacra estimates its gross margins at 90%. Sacra
- Veeva. On October 16, 2025 Veeva and OpenEvidence announced a long-term partnership to create and market Open Vista, with first products expected in 2026. Veeva Investor Relations
Products
- OpenEvidence search. A medical search engine for doctors, free to use and supported by ads. Business Wire
- DeepConsult (July 2025). A feature that uses reasoning models to pull together findings across many studies. Wikipedia
- Osler, Sackett and Snow. Its own medical AI models. Osler gives quick clinical answers, Sackett deeper evidence reviews, and Snow, the successor to DeepConsult, research reports. Sacra
- Visits. A visit workflow that transcribes patient encounters and adds guidelines and research to the assessment and plan. Sacra
- Doctor Dialer (limited release from late 2025). A calling tool that Sacra says has carried 37 million minutes of doctor-patient talk. Sacra
- Voice Mode (May 2026). A voice interface in its web and mobile apps. Wikipedia
Users and usage
The company said in January 2026 that more than 40% of US physicians use it daily on average. That spans more than 10,000 hospitals and medical centers, per its release.
In December 2025 it supported about 18 million clinical consultations from verified US doctors and healthcare professionals. Wikipedia gives 760,000 registered US physicians as of that month.
Sacra reports a single-day record of 1 million clinical consultations on March 10, 2026.
Leadership
- Daniel Nadler, founder and CEO. Business Wire
- Zachary Ziegler, co-founder. Wikipedia
- Medical Advisory Board. Its website lists clinicians from Cedars-Sinai, Mayo Clinic and Harvard Medical School. OpenEvidence
Who owns OpenEvidence?
Its founders, staff and investors. As a private company it doesn't publish who holds what, and no stake has been disclosed.
The company said it raised roughly $700 million in the 12 months to January 2026 (Business Wire). In July 2026 PYMNTS, citing The Information, reported acquisition talks with a large tech company.
- Thrive Capital and DST Global co-led the $250M Series D in January 2026. Business Wire (OpenEvidence)
- Google Ventures led the $200M raise at $6B in October 2025, as reported. TechCrunch
- Google Ventures and Kleiner Perkins co-led the $210M Series B in July 2025. PR Newswire (OpenEvidence)
- Sequoia, Nvidia, Blackstone, Coatue, ICONIQ, Henry Kravis and Mayo Clinic invested in earlier rounds, the company said. Many followed on in the Series D. Business Wire (OpenEvidence)
- Byers Capital and Andreessen Horowitz led a $250M round in September 2026 according to Sacra, which isn't confirmed by the company or a news report. Sacra
Competitors
- OpenAI, with ChatGPT for Clinicians, free for verified clinicians since April 2026. Sacra calls it a direct competitor. Sacra
- UpToDate, which Sacra says serves more than 3 million clinicians and gets about 80% of revenue from institutions. Sacra
- Doximity, which is bundling search, note-taking and calling around its physician network. Sacra
- Abridge, named by Sacra in the push toward an all-in-one assistant for doctors. Sacra
- Epic and Oracle Health, with AI built into electronic health record systems. Sacra
Timeline and latest news
From its founding to the latest reports, newest first.
- Oct 2026Latest
Settled its lawsuit with Doximity, with all claims dismissed. AI Weekly - Jul 17, 2026Latest
Was reported at about $300M in annualized revenue. PYMNTS - May 2026Latest
Launched Voice Mode in its web and mobile apps. Wikipedia - May 2026
Partnered with Cedars-Sinai to build into its health records. Wikipedia - Mar 2026
Mount Sinai deployed it across seven hospitals, per Sacra. Sacra - Jan 21, 2026
Raised a $250M Series D at a $12B valuation. Business Wire (OpenEvidence) - Oct 20, 2025
Raised $200M at a $6B valuation, led by Google Ventures. TechCrunch - Oct 16, 2025
Announced the Open Vista partnership with Veeva. Veeva Investor Relations - Sep 10, 2025
Acquired Amaro, an advertising infrastructure startup. Sacra - Jul 15, 2025
Raised a $210M Series B at a $3.5B valuation. PR Newswire (OpenEvidence) - Jul 2025
Introduced DeepConsult for research across many studies. Wikipedia - Jun 2025
Sued Doximity over alleged prompt injection of its chatbot. AI Weekly
Legal matters
Its dispute with Doximity was settled in October 2026, and all claims on both sides were dismissed with prejudice.
- OpenEvidence v. Doximity (filed June 2025). OpenEvidence alleged Doximity staff posed as physicians with real NPI numbers to prompt-inject its chatbot. AI Weekly
- Doximity's countersuit. It alleged OpenEvidence's CEO ran fake LinkedIn accounts and spent more than $3.6 million on ads attacking it. AI Weekly
- Settlement. The two reached a settlement in principle in October 2026 and dismissed everything the next day. AI Weekly
Questions people ask
Is OpenEvidence a public company? Can I buy OpenEvidence stock?
No. OpenEvidence is private and has no ticker, so its shares aren't sold on any exchange. Some trade privately among accredited investors.
When will OpenEvidence IPO?
It hasn't announced a plan or a date. Nasdaq Private Market says it hasn't had an IPO.
Who owns OpenEvidence?
Its founders, staff and investors, including Thrive Capital, DST Global, Sequoia, Google Ventures, Kleiner Perkins and Nvidia. Stakes haven't been disclosed.
Who is the CEO of OpenEvidence?
Daniel Nadler, who co-founded it in 2022 with Zachary Ziegler.
How much is OpenEvidence worth?
$12B at its last confirmed round, the January 2026 Series D (Business Wire). Sacra reports a $15B round in September 2026, which isn't confirmed.
How much revenue does OpenEvidence make?
About $300M in annualized revenue in July 2026, as reported by PYMNTS. That was double the level seven months earlier.
Is OpenEvidence profitable?
It publishes no results. The Information reported in July 2026 that it runs at about breakeven on cash flow. Sacra estimates 90% gross margins.
How does OpenEvidence make money?
From advertising. It's free to doctors, and Sacra says ads come from pharmaceutical and medical device makers.
How many doctors use OpenEvidence?
The company said in January 2026 that more than 40% of US physicians use it daily on average, across more than 10,000 hospitals and medical centers.
Who are OpenEvidence's competitors?
OpenAI's ChatGPT for Clinicians, UpToDate, Doximity, Abridge, and Epic and Oracle Health with AI in health records.
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How this page is sourced
Each figure links to the filing, company statement or news report it came from, with its date. Run rates are what reporters were told, not audited results; estimates and unconfirmed reports are marked. Quotes are what each person said on the record, with the minute they said it. Spotted something that's off? .
Last checked Nov 7, 2026