OpenEvidence has considered raising $200 million at a $20 billion valuation but is unlikely to move forward with the round, The Information reported July 17.
A source involved in the discussions told the news outlet the deal would dilute shares held by founders and existing investors. That same source said OpenEvidence has held acquisition talks with a large technology company in the past several months.
The AI-powered clinical reference platform is now generating roughly $300 million in annualized revenue, or about $25 million a month — double what it was bringing in seven months earlier, when the company was in talks to raise at a $12 billion valuation, according to the July 17 story. OpenEvidence closed that $250 million series D round, led by Thrive Capital and DST Global, in January.
OpenEvidence, which trains its models on peer-reviewed medical literature rather than open internet data, says it is used by more than 860,000 licensed U.S. clinicians and is running at roughly breakeven on a cash-flow basis.
Founded in 2022, OpenEvidence has raised about $700 million over the past year and counts New York City-based Mount Sinai Health System, Los Angeles-based Cedars-Sinai and Sacramento, Calif.-based Sutter Health among the health systems that have integrated the tool into clinical workflows.
Editor’s note: Becker’s reached out to OpenEvidence for comment and will update the story if the company responds.
