OpenEvidence Secures $210M Funding to Revolutionize AI-Powered Medical Search and Decision Support

OpenEvidence raises $210M on $3.5B valuation to expand AI-powered medical search and decision tools - SiliconANGLE

OpenEvidence raises $210M on $3.5B valuation to expand AI-powered medical search and decision tools Healthcare-focused artificial intelligence platform company OpenEvidence Inc. revealed today that it had raised $210 million in new funding on a $3.5 billion valuation to expand its strategic content partnerships and scale its AI-powered clinical research tools. Founded in 2021, OpenEvidence is focused on transforming how clinicians access and apply medical knowledge in real time. The company offers an AI-powered search and decision-support platform designed to assist doctors in making high-stakes clinical decisions at the point of care. OpenEvidence's platform is built on peer-reviewed medical literature from trusted sources such as the Journal of the American Medical Association, the New England Journal of Medicine and other leading journals to allow physicians to surface evidence-based insights in seconds, eliminating the inefficiencies of traditional medical databases. The company's primary offering is a clinician-facing AI search interface that allows users to input patient-specific questions or clinical scenarios and receive tailored, referenced answers based on the latest medical research. The system is Health Insurance Portability and Accountability Act-compliant and built for the unique demands of frontline healthcare, where decisions often need to be made in under a minute. AI chatbots that allow users to search and research topics are hardly new, but arguably where OpenEvidence gets interesting is its strategic content partnerships with major medical publishers. The company has formal agreements with the American Medical Association, The New England Journal of Medicine, and other specialty journals to allow access to full-text, high-quality content that enhances the platform's output. The idea is to ensure that clinicians aren't just receiving AI-generated summaries versus engaging with a rigorously verified, continually updated body of medical evidence. OpenEvidence's platform is currently used across more than 10,000 hospitals and medical centers in the U.S., including by more than 40% of American physicians. Google Ventures and Kleiner Perkins Caufield & Byers co-led the Series B round, with Sequoia Capital Operations, Coatue Management, Conviction Capital and Thrive Capital Management also participating. Along with the funding announcement, the company also announced the wide release of OpenEvidence DeepConsult, an AI agent purpose-built for physicians. DeepConsult provides physicians with a personal, private team of PhD-level, medically specialized AI agents built by OpenEvidence that are capable of conducting advanced medical research while the physician steps away, whether to see the next patient, take a lunch break, or get some rest. "At a time when U.S. 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," says Daniel Nadler, founder of OpenEvidence, in a statement. "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."

Google-Backed OpenEvidence Raises $210 Million for AI-Powered Medical Search Platform | PYMNTS.com

By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions. The company's clinical decision support platform helps frontline healthcare providers access, evaluate and apply medical knowledge, according to a Tuesday (July 15) press release. The platform is used by physicians, nurses and other medical professionals at more than 10,000 hospitals and medical centers across the United States, the release said. To enhance this resource, OpenEvidence has content partnerships with the American Medical Association and The New England Journal of Medicine, allowing it to use their content to inform the answers provided by its platform, per the release. OpenEvidence founder Daniel Nadler said in the release that the AI-powered platform is "bridging the gap" at a time when healthcare providers are dealing with clinician burnout, a shortage of physicians and an annual volume of published medical research that doubles every five years. "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," Nadler said. The company also announced Tuesday that it released an AI agent called DeepConsult that conducts medical research for physicians, analyzing and cross-referencing hundreds of peer-reviewed medical studies. Sangeen Zeb, general partner at Google Ventures, which co-led the funding round, said in the release that physicians are "drowning in information but starving for timely insights. OpenEvidence changes that equation, bringing clinicians into the modern era." Mamoon Hamid, managing partner at Kleiner Perkins, which co-led the round, said in the release that "the fact that 40% of all physicians in the United States log in daily to OpenEvidence's software is a staggering signal of both trust and utility." PYMNTS reported in October that AI healthcare companies were commanding valuations up to five times higher than their non-AI counterparts and attracting 38% of venture capital healthcare investments.