OpenEvidence Raises $250 Million, Valuation Doubles | STAT
- OpenEvidence, a company specializing in AI-powered clinical evidence search for doctors, announced a $250 million funding round on January 24, 2024, bringing its valuation to $12 billion.
- The series C funding round was led by Thrive Capital and DST Global, with participation from existing investors.
- openevidence provides a chatbot designed to help physicians quickly access and synthesize clinical evidence.
OpenEvidence Secures $250 Million, Reaching $12 Billion Valuation
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OpenEvidence, a company specializing in AI-powered clinical evidence search for doctors, announced a $250 million funding round on January 24, 2024, bringing its valuation to $12 billion. The funding will fuel the company’s growth and progress of its chatbot technology.
Funding Details
The series C funding round was led by Thrive Capital and DST Global, with participation from existing investors. this latest investment brings OpenEvidence’s total funding to $735 million, according to a company press release. The company intends to use the funds to expand its team, accelerate product development, and broaden its reach within the healthcare industry.
What OpenEvidence Does
openevidence provides a chatbot designed to help physicians quickly access and synthesize clinical evidence. The tool aims to streamline the process of finding relevant research and data, ultimately improving patient care. The chatbot utilizes artificial intelligence to understand complex medical queries and deliver concise, evidence-based answers.
Market Context & Growth
The demand for AI-driven tools in healthcare is rapidly increasing, as providers seek ways to improve efficiency and decision-making. OpenEvidence’s valuation reflects this trend and the growing recognition of AI’s potential to transform clinical practice. According to a Grand View research report, the global artificial intelligence in healthcare market was valued at USD 14.6 billion in 2022 and is projected to reach USD 187.95 billion by 2030, growing at a CAGR of 37.6% from 2023 to 2030.
Company History
OpenEvidence was founded in 2017. Prior to this funding round, the company raised $485 million in previous funding rounds, including a $150 million Series B round in November 2022, as reported by TechCrunch. The company currently serves a growing number of hospitals and healthcare systems.