OpenEvidence Secures $1 Billion Valuation in Sequoia-Led Funding Round, Partners with NEJM

OpenEvidence Achieves $1 Billion Valuation in Sequoia-led Round and Announces Content Partnership with the New England Journal of Medicine | Newswise

Newswise -- CAMBRIDGE, Mass., Feb. 19, 2025 /PRNewswire/ -- OpenEvidence, the fastest-growing platform for doctors in history, has closed a Series A with Sequoia Capital at a $1 billion valuation. This milestone marks OpenEvidence's first institutional investment and brings the company's total capital raised to over $100 million. OpenEvidence is on a mission to organize and expand the world's collective medical knowledge OpenEvidence is on a mission to organize and expand the world's collective medical knowledge, offering a groundbreaking AI copilot for doctors that assists them in making critical decisions at the point of care. This innovative platform is now a trusted resource for hundreds of thousands of verified doctors at over 10,000 care centers across the United States. Built from the ground up specifically for medical professionals, OpenEvidence is trained on specialized content, including the New England Journal of Medicine, through strategic partnerships. As a professional tool available exclusively to healthcare providers, OpenEvidence is free for verified doctors in the United States. "As we come upon our platform's two-year anniversary later this spring, OpenEvidence is trusted and used daily by hundreds of thousands of doctors. But we're just getting started," said Daniel Nadler, Founder of OpenEvidence. "Our Series A with Sequoia will enable OpenEvidence to continue building the most trusted AI platform for doctors and other medical professionals in the world." OpenEvidence, whose team is largely made-up of AI scientists from PhD programs at Harvard and MIT, will use the funding to train its next generation of medical domain-specialized Large Language Models (LLMs) and continue to assemble and grow the best team of scientists working at the intersection of LLMs and medicine. "As growing caseloads and patient demands make it near impossible for doctors to stay current and deliver the best care, OpenEvidence is the solution physicians have been yearning for," said Pat Grady, partner at Sequoia Capital. "The scale of OpenEvidence's life-saving impact is massive, positioning it to become one of the most important companies of the next decade. We're proud to partner with Daniel and the OpenEvidence team as they transform healthcare delivery for both physicians and patients." OpenEvidence will also use the funding to forge strategic content partnerships, as well as to build and grow its own library of advanced medical knowledge through direct collaboration with world-leading medical researchers in oncology, neuroscience, cardiology, and other specialties. Accordingly, OpenEvidence is today also announcing that it has signed a multi-year content agreement with NEJM Group, publisher of the New England Journal of Medicine (NEJM). Under this agreement, all published content and multimedia from 1990 forward from NEJM, NEJM Evidence, NEJM AI, NEJM Catalyst, and NEJM Journal Watch will be provided to OpenEvidence to inform answers delivered on the OpenEvidence platform. "In serving clinicians, it is crucial that the trusted evidence we publish informs clinical decisions," said David Sampson, Vice President and Chief Publishing Officer of NEJM Group, publisher of the New England Journal of Medicine. "OpenEvidence is emerging as a preferred resource for many clinicians. We are delighted to support OpenEvidence as a content partner, and we look forward to further collaborating with OpenEvidence to improve the delivery of clinical knowledge." About OpenEvidence OpenEvidence's mission is to organize and expand the world's collective medical knowledge. OpenEvidence's first product, its eponymous copilot for doctors that helps them make high stakes decisions at the point of care, is now used by hundreds of thousands of logged-in, verified doctors at 10,000+ care centers across the United States. Launched in 2023, OpenEvidence became the fastest platform in the history of the medical industry to surpass 100,000 verified doctor users in the United States. As of this writing, 40,000 verified U.S. doctors and other active healthcare providers are registering for OpenEvidence each month (there are only about one million active physicians in the United States). Aside from the iPhone, there has never been a piece of technology adopted by doctors as quickly as OpenEvidence. Doctors leverage OpenEvidence multiple times a day on average and more than 75% of doctors use OpenEvidence during office hours for clinical decision support at the point of care, using it to inform patient care plans by querying how treatments affect patients with specific comorbidities or assessing drug efficacy. It also assists in addressing common issues by providing information on drug safety profiles, disease causes, the risks of discontinuing medications and more. With medical knowledge doubling every 73 days, OpenEvidence empowers doctors to stay current with this rapid pace of change, ensuring they deliver informed patient care. OpenEvidence is built from the ground up specifically for doctors, and is trained on specialized medical content, such as the New England Journal of Medicine (through strategic partnerships). OpenEvidence is free for verified doctors in the United States but is a professional tool available only to professional healthcare providers.

OpenEvidence Achieves $1 Billion Valuation in Sequoia-led Round and Announces Content Partnership with the New England Journal of Medicine

CAMBRIDGE, Mass., Feb. 19, 2025 /PRNewswire/ -- OpenEvidence, the fastest-growing platform for doctors in history, has closed a Series A with Sequoia Capital at a $1 billion valuation. This milestone marks OpenEvidence's first institutional investment and brings the company's total capital raised to over $100 million. OpenEvidence is on a mission to organize and expand the world's collective medical knowledge OpenEvidence is on a mission to organize and expand the world's collective medical knowledge, offering a groundbreaking AI copilot for doctors that assists them in making critical decisions at the point of care. This innovative platform is now a trusted resource for hundreds of thousands of verified doctors at over 10,000 care centers across the United States. Built from the ground up specifically for medical professionals, OpenEvidence is trained on specialized content, including the New England Journal of Medicine, through strategic partnerships. As a professional tool available exclusively to healthcare providers, OpenEvidence is free for verified doctors in the United States. "As we come upon our platform's two-year anniversary later this spring, OpenEvidence is trusted and used daily by hundreds of thousands of doctors. But we're just getting started," said Daniel Nadler, Founder of OpenEvidence. "Our Series A with Sequoia will enable OpenEvidence to continue building the most trusted AI platform for doctors and other medical professionals in the world." OpenEvidence, whose team is largely made-up of AI scientists from PhD programs at Harvard and MIT, will use the funding to train its next generation of medical domain-specialized Large Language Models (LLMs) and continue to assemble and grow the best team of scientists working at the intersection of LLMs and medicine. "As growing caseloads and patient demands make it near impossible for doctors to stay current and deliver the best care, OpenEvidence is the solution physicians have been yearning for," said Pat Grady, partner at Sequoia Capital. "The scale of OpenEvidence's life-saving impact is massive, positioning it to become one of the most important companies of the next decade. We're proud to partner with Daniel and the OpenEvidence team as they transform healthcare delivery for both physicians and patients." OpenEvidence will also use the funding to forge strategic content partnerships, as well as to build and grow its own library of advanced medical knowledge through direct collaboration with world-leading medical researchers in oncology, neuroscience, cardiology, and other specialties. Accordingly, OpenEvidence is today also announcing that it has signed a multi-year content agreement with NEJM Group, publisher of the New England Journal of Medicine (NEJM). Under this agreement, all published content and multimedia from 1990 forward from NEJM, NEJM Evidence, NEJM AI, NEJM Catalyst, and NEJM Journal Watch will be provided to OpenEvidence to inform answers delivered on the OpenEvidence platform. "In serving clinicians, it is crucial that the trusted evidence we publish informs clinical decisions," said David Sampson, Vice President and Chief Publishing Officer of NEJM Group, publisher of the New England Journal of Medicine. "OpenEvidence is emerging as a preferred resource for many clinicians. We are delighted to support OpenEvidence as a content partner, and we look forward to further collaborating with OpenEvidence to improve the delivery of clinical knowledge." About OpenEvidence OpenEvidence's mission is to organize and expand the world's collective medical knowledge. OpenEvidence's first product, its eponymous copilot for doctors that helps them make high stakes decisions at the point of care, is now used by hundreds of thousands of logged-in, verified doctors at 10,000+ care centers across the United States. Launched in 2023, OpenEvidence became the fastest platform in the history of the medical industry to surpass 100,000 verified doctor users in the United States. As of this writing, 40,000 verified U.S. doctors and other active healthcare providers are registering for OpenEvidence each month (there are only about one million active physicians in the United States). Aside from the iPhone, there has never been a piece of technology adopted by doctors as quickly as OpenEvidence. Doctors leverage OpenEvidence multiple times a day on average and more than 75% of doctors use OpenEvidence during office hours for clinical decision support at the point of care, using it to inform patient care plans by querying how treatments affect patients with specific comorbidities or assessing drug efficacy. It also assists in addressing common issues by providing information on drug safety profiles, disease causes, the risks of discontinuing medications and more. With medical knowledge doubling every 73 days, OpenEvidence empowers doctors to stay current with this rapid pace of change, ensuring they deliver informed patient care. OpenEvidence is built from the ground up specifically for doctors, and is trained on specialized medical content, such as the New England Journal of Medicine (through strategic partnerships). OpenEvidence is free for verified doctors in the United States but is a professional tool available only to professional healthcare providers. CONTACT: [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/openevidence-achieves-1-billion-valuation-in-sequoia-led-round-and-announces-content-partnership-with-the-new-england-journal-of-medicine-302380960.html SOURCE OpenEvidence Market News and Data brought to you by Benzinga APIs

AI health-care startup OpenEvidence raises funding from Sequoia at $1 billion valuation

Medical technology, AI technology is utilized by doctors for diagnosing increasing the accuracy of patient treatments. Medical research and development innovation technology to improve patient health. AI startup OpenEvidence is raising a fresh round of capital from Sequoia to scale its chatbot for doctors. The new $75 million cash injection, which has not been previously reported, values OpenEvidence at $1 billion, the two companies told CNBC. OpenEvidence, based in Cambridge, Massachusetts, was founded by Daniel Nadler. He previously built Kensho Technologies, a Wall Street-focused artificial intelligence firm that sold to Standard & Poor's for $700 million in 2018. Nadler's newest AI venture is a chatbot for physicians that helps them make better decisions at the point of care. The company claims it's already being used by a quarter of doctors in the U.S. Following his sale of Kensho, Nadler self-funded OpenEvidence in 2021 before raising a friends and family round in 2023. The funding from Sequoia represents the first round led by an institutional investor and brings the company's total amount raised to more than $100 million. The company will also use the funding to forge strategic content partnerships, OpenEvidence said. In addition to the funding, OpenEvidence announced that The New England Journal of Medicine has become a content partner, meaning clinicians using OpenEvidence can benefit from content sourced from NEJM Group journals. The founder describes OpenEvidence as an AI copilot. While the experience may feel similar to ChatGPT, OpenEvidence is a "very different organism" due to the data it was trained on, Nadler said. "Trust matters in medicine, and the fact that it's trained on The New England Journal of Medicine, the fact that it's built from the ground up for doctors -- the result is a black-and-white difference in terms of accuracy," Nadler told CNBC. The company has licensing agreements with peer-reviewed medical journals, and OpenEvidence's model was not connected to the public internet while trained, Nadler said. Using tailored data helped OpenEvidence avoid the pitfalls of "hallucination," which is a phenomenon where AI will generate inaccurate, sometimes nonsensical answers to a query.

OpenEvidence raises $75M to become the ChatGPT for doctors - SiliconANGLE

The healthcare focused chatbot startup OpenEvidence has closed on $75 million in funding from the venture capital firm Sequoia Capital Operations LLC in a round that values it at more than $1 billion. The round, which came to light via CNBC, brings OpenEvidence's total amount raised to more than $100 million, with earlier funding coming exclusively from the founder and angel investors. The founder's name is Daniel Nadler, whose previous AI startup was a financial services-focused company called Kensho Technologies Inc. He ended up selling that firm to Standard & Poor's Financial Services LLC for $700 million in 2018. At OpenEvidence, Nadler has created a generative AI chatbot exclusively for doctors, with the aim of helping them to make better decisions regarding their patient's care. According to Nadler, the tool is already used by around a quarter of all doctors in the U.S. Nadler told CNBC that the OpenEvidence chatbot feels similar to ChatGPT, but the responses are very different and much more accurate, due to it being trained exclusively on peer-reviewed medical journals such as The New England Journal of Medicine. Because its training data is of a substantially higher quality than what's found on the public internet, OpenEvidence can avoid the dangers of "hallucinations", where AI chatbots tend to make up responses to questions they don't know how to respond to. According to Nadler, OpenEvidence was built from the ground up for use by doctors. "The result is a black-and-white difference in terms of accuracy," he insisted. What's especially appealing about OpenEvidence is that it's free to use, with the startup making money solely from advertising. Moreover, the company has barely spent anything on marketing the product, instead relying on doctors to spread the word for it. Nadler explained that doctors work in very close quarters to one another, especially in hospital settings, so if one starts using it, his colleagues will be quick to find out about it. Sequoia partner Pat Grady told CNBC that OpenEvidence is much like a consumer internet company in the way it has spread like wildfire among doctors. "When they have a couple of good experiences with it, it sticks," he said. "There aren't a lot of products in healthcare that get adopted the way that a consumer internet company might." In many industries, there are fears that AI-powered automation might end up causing havoc by replacing human workers, but Nadler said its adoption in healthcare will be beneficial for the whole of humanity. He pointed out that many doctors are currently overworked, with the U.S. set to have a shortage of almost 100,000 physicians by the end of the decade. Looking forward, OpenEvidence wants to use the Sequoia funding to improve the capabilities of its chatbot. It has already forged a strategic partnership with the New England Journal of Medicine, and wants to do the same with other established medical publications.