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Takeaways by Saasverse AI
- OpenEvidence | Series C | $200 Million | AI-Powered Medical Search Engine for Evidence-Based Clinical Support.
- Led by GV (Google Ventures), with participation from Sequoia, Kleiner Perkins, Blackstone, Thrive Capital, Coatue, Bond, and Craft; valuation jumps from $3.5B (July 2023) to $6.5B.
- Covers 40% of U.S. doctors, achieving 16.5 million monthly clinical consultations, with a unique ad-supported model targeting verified medical professionals.
OpenEvidence, the developer of an AI-powered medical search engine tailored for healthcare professionals, has raised $200 million in a Series C funding round led by GV (formerly Google Ventures). With participation from top-tier investors such as Sequoia, Kleiner Perkins, Blackstone, and Thrive Capital, the funding propels the company's valuation to $6.5 billion, nearly doubling its figure from just three months ago.
The platform, often referred to as a "doctor’s version of ChatGPT," leverages its proprietary AI to process and deliver concise, evidence-based answers from millions of peer-reviewed medical articles, including authoritative sources like the New England Journal of Medicine and Journal of the American Medical Association. OpenEvidence’s AI has already achieved significant milestones, becoming the first platform to score full marks on the U.S. Medical Licensing Examination (USMLE) in August, surpassing GPT-5 with an unprecedented 100% accuracy rate.
OpenEvidence currently serves 40% of U.S. physicians, with its monthly clinical consultation volume surging from 10 million in July to 16.5 million in September. This rapid adoption highlights the growing demand for real-time, evidence-based tools to combat physician burnout and manage the overwhelming surge of medical literature. The company’s approach stands out for its rigorous access control, requiring verification of medical credentials to ensure a secure and trusted environment for clinical decision-making.
Commercial Model and Expansion
OpenEvidence adopts a Google-inspired ad-supported business model, offering its platform free of charge to verified medical professionals. By acquiring AI advertising firm Amaro, OpenEvidence has bolstered its ad analytics and targeting capabilities to align with its core audience’s needs. This model has proven particularly effective in a price-sensitive healthcare sector where practitioners are cautious about adopting new tools. The company projects its annualized revenue to reach $100 million by 2026, driven by its ad-based monetization strategy.
The company’s ambitions extend beyond search. OpenEvidence recently unveiled Visits, a tool designed to automatically generate detailed medical records from patient interactions. This innovation not only streamlines clinical workflows but also integrates external data for enhanced diagnostic accuracy. Long-term, OpenEvidence aims to aggregate the collective expertise and clinical experience of its users to develop a “medical superintelligence,” further solidifying its role as a game-changer in healthcare AI.
“ OpenEvidence is redefining how healthcare professionals interact with medical information by combining cutting-edge AI with a user-verified ecosystem,” said a Saasverse analyst. “Its focus on clinical decision support fills a critical need in modern healthcare, especially as the industry grapples with physician shortages and the exponential growth of medical literature. The ad-supported model is particularly savvy, breaking down barriers to entry while ensuring scalability. While giants like Microsoft and Amazon are advancing their AI capabilities in healthcare, OpenEvidence’s niche focus on real-time clinical support positions it uniquely in the ecosystem. This specialization could shield it from direct competition, allowing it to grow rapidly in a segment that demands both precision and trust. ” Saasverse Analyst comments
Saasverse Insights
The success of OpenEvidence underscores the transformational potential of AI in healthcare, particularly in addressing pain points like physician burnout, administrative inefficiencies, and the need for rapid access to reliable medical data. By focusing on front-line clinical decision-making, OpenEvidence has carved out a distinct niche amidst rising competition from tech giants like Microsoft (via its partnership with Epic Systems) and Amazon (through AWS HealthLake).
The introduction of Visits signals OpenEvidence’s intent to expand its footprint beyond search into broader healthcare applications, such as medical transcription and integrated patient data systems. This diversification aligns with the industry’s shift toward AI-driven end-to-end solutions, where platforms not only provide insights but also streamline workflows and enhance patient outcomes.
OpenEvidence’s ability to verify and serve medical professionals uniquely positions it in the AI healthcare space, fostering a trusted ecosystem that is critical for adoption in a highly regulated industry. By combining its robust evidence-based search capabilities with innovative tools like Visits, the company is poised to influence how AI reshapes medical practice globally.
Expect OpenEvidence to accelerate its growth trajectory by capitalizing on its strong investor backing, expanding its user base, and deepening integrations with healthcare systems. As the competitive landscape in healthcare AI intensifies, its focus on trust, precision, and accessibility could set a new standard for AI-driven clinical decision support, with ripple effects extending across the SaaS, AI, and cloud ecosystems.