Total amount raised
$107 Millions
Latest funding date
Location
OpenEvidence has successfully raised $75 million in a Series A funding round, achieving a valuation of $1 billion. The platform, launched from the Mayo Clinic Platform Accelerate program, is trusted by medical professionals at over 10,000 care centers across the United States.
Keep reading to explore the intricacies of OpenEvidence's fundraising journey and the investors backing this innovative platform.
What Is OpenEvidence?
OpenEvidence, founded in 2021, is an AI-powered medical information platform based in Cambridge, Massachusetts. The company operates in the fields of artificial intelligence, clinical trials, medical information, and SaaS.
Founded by Daniel Nadler and Zachary Ziegler, OpenEvidence employs between 11 and 50 people. The platform is widely trusted by healthcare professionals, providing accurate medical information to support clinical decision-making and patient care.
How Much Funding Has OpenEvidence Raised?
- Seed Round
- Amount Raised: $5M
- Date: November 2021
- Lead Investors: Daniel Nadler
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of OpenEvidence.
- Series B
- Amount Raised: $27M
- Date: July 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and possibly start scaling the product.
- Series A
- Amount Raised: $75M
- Date: February 2025
- Lead Investors: Sequoia Capital
- Valuation at Round: $1 billion
- Motivation Behind the Round: To scale the chatbot for doctors, forge strategic content partnerships, and leverage the credibility and resources of an institutional investor like Sequoia.
Total Amount Raised: $107M. Current Valuation: $1 billion.
Key Investors
- Sequoia Capital
- Details: Sequoia Capital is a leading venture capital firm known for investing in early and growth-stage companies. They have a strong track record of backing successful startups and helping them scale.
- Investment Focus Areas: Technology, healthcare, consumer sectors
- Notable Investments: Google, Apple, WhatsApp
- Daniel Nadler
- Details: Daniel Nadler is one of the founders of OpenEvidence. He previously founded Kensho Technologies, which was sold to Standard & Poor's for $700 million.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
What's Next for OpenEvidence?
OpenEvidence stands at the cusp of significant growth, buoyed by a $75 million investment and a $1 billion valuation. The platform's partnership with The New England Journal of Medicine opens doors to new markets and enhances its credibility among healthcare professionals. This collaboration, combined with the development of advanced AI models, positions OpenEvidence to revolutionize clinical decision-making.
Future fundraising opportunities appear promising, with potential for additional rounds from venture capital firms or strategic investors. The company's robust growth trajectory and strategic partnerships make it an attractive candidate for public offerings or acquisitions. However, challenges such as maintaining high valuation, competition, and ensuring data privacy could pose hurdles.
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