OpenEvidence Doubles Valuation to $12 Billion With $250 Million Series D as Usage and Revenue Surge

New updates have been reported about OpenEvidence.

OpenEvidence has raised an additional $250 million in a Series D round that values the company at $12 billion, doubling its $6 billion valuation from a $200 million raise in October. The latest funding was co-led by Thrive Capital and DST, with participation from existing backers including Sequoia, Nvidia, Kleiner Perkins, Blackstone, Bond, Craft Ventures, and the Mayo Clinic, bringing total capital raised to $700 million. Investors’ willingness to mark up OpenEvidence’s valuation so quickly signals continued confidence in its position despite newly announced health-focused products from OpenAI and Anthropic. The company crossed $100 million in revenue and is scaling rapidly on the demand side: its free, ad-supported platform handled 18 million clinical consultations from verified U.S. healthcare professionals in December, up from roughly 3 million monthly searches a year earlier.

OpenEvidence operates as an AI-driven medical information platform designed primarily for physicians, analogous to how WebMD served consumers in an earlier internet era, but with a clinician-centric focus. Strategically, this places OpenEvidence in the emerging competitive field of AI health tools, alongside Anthropic’s Claude for Healthcare, which targets patients, payers, and providers, and OpenAI’s latest health offerings, which are more consumer-oriented. The nature of OpenEvidence’s user base—practicing clinicians seeking decision support—may help differentiate it in terms of data quality, workflow integration, and monetization potential relative to more consumer-focused rivals. For executives and investors, the key implications are clear: OpenEvidence has scaled both valuation and usage at a steep trajectory, validated by blue-chip institutional capital, while the broader AI health landscape is becoming more crowded. The new funding likely strengthens its capacity to invest in product development, regulatory-grade reliability, and commercialization, positioning the company to defend and expand its niche in professional medical AI at a time of intensifying competition from foundation model leaders.