US-based medical information platform OpenEvidence has secured $210m in a Series B financing round, valuing the company at $3.5bn.
The round was co-led by Google Ventures and Kleiner Perkins, with participation from Sequoia Capital, Coatue, Conviction, and Thrive.
OpenEvidence will use the investment to support its goal of optimising evidence-based medicine for healthcare providers.
OpenEvidence founder Daniel Nadler said: “At a time when US healthcare faces the dual challenges of clinician burnout and a projected physician shortfall of nearly 100,000 by 2030, the question of AI’s role in bridging the gap is paramount.
“When physicians’ lives are hard, patients’ lives are harder. OpenEvidence’s commitment to building an AI copilot for clinicians is rooted in the belief that AI will be a force for good in the world, ultimately benefiting both healthcare professionals and the patients they serve.”
The platform is actively used in over 10,000 hospitals and medical centres across the US, with more than 40% of physicians logging in daily for clinical decision-making.
OpenEvidence has seen significant growth, with monthly consultations by verified US physicians exceeding 8.5 million, marking a 2,000% year-over-year increase.
Also, over 100 million Americans this year will receive care from doctors using OpenEvidence.
OpenEvidence addresses the challenges of traditional medical databases, which are often slow and fragmented. By offering a streamlined search process, it allows clinicians to quickly access and apply the latest medical research, improving patient outcomes.
The platform is HIPAA compliant, providing point-of-care answers based on current research, complete with references and follow-up suggestions.
Google Ventures general partner Sangeen Zeb said: “Daniel Nadler is a magnet for talent, attracting top AI researchers and a world-class medical advisory board.
“As a firm with a life sciences team largely composed of physicians and scientists, we deeply understand the challenges clinicians face with traditional tools.
“Physicians are drowning in information but starving for timely insights. OpenEvidence changes that equation, bringing clinicians into the modern era.
“As early investors in Daniel’s first company, Kensho, GV has been privileged to know him for over a decade. He is a once-in-a-generation founder building one of the fastest-growing technology applications ever seen.”
OpenEvidence’s strategic partnerships with the American Medical Association and The New England Journal of Medicine enhance its content library.
The collaboration provides clinicians with faster access to clinically relevant evidence, improves patient outcomes and saves lives by integrating global medical knowledge.
In addition, OpenEvidence has launched OpenEvidence DeepConsult, an AI agent designed for physicians.
The tool provides a personal team of PhD-level, medically specialised AI agents capable of conducting advanced medical research autonomously.
DeepConsult offers comprehensive research reports, enabling physicians to make informed decisions based on an integrative understanding of medical studies.
It caters to more in-depth research needs, providing detailed reports within a short timeframe, enhancing medical productivity and uncovering new insights.
Furthermore, the funding will support the expansion of OpenEvidence’s strategic content partnerships, further enriching its medical knowledge base.
Kleiner Perkins chairman John Doerr said: “It’s hard to imagine a better use for AI than OpenEvidence. Daniel Nadler and his world-class team are building what I believe will become an AI-era treasure, a life-saving resource for doctors, patients, and their families. I can’t imagine the future without it.”
Kleiner Perkins managing partner Mamoon Hamid said: “OpenEvidence is not just building a company, they’re setting a new global standard for how evidence-based medical decisions are made. We’re proud to support a mission with this kind of generational ambition.”
