OpenEvidence's $15 billion valuation puts its ad-funded medical AI under scrutiny
OpenEvidence's growing use among doctors is drawing attention to its advertising model, accuracy and plans to expand into drug research.
OpenEvidence reached a $15 billion valuation after raising $250 million in September. Chief executive Daniel Nadler confirmed the financing and identified Andreessen Horowitz and Byers Capital as its lead investors. The company provides AI tools that help clinicians search medical research and guidelines.
The company says 65% of US doctors use its service. Advertising helps fund free access, and OpenEvidence says advertisers cannot shape its answers. Its policy describes separate systems for medical information and advertising, with ads labeled distinctly.
That growth has brought scrutiny of answer accuracy and doctors' reliance on the software. Research results have been mixed, with some evaluations finding useful recommendations and others identifying weaker performance against competing models. Advertising revenue for 2026 is reportedly projected at $400 million to $500 million, a forecast rather than a confirmed result.
OpenEvidence is also expanding its research ambitions. Nadler said clinical trials targeting cancer and rare diseases would begin in the coming weeks, using AI and existing scientific literature to help develop research hypotheses. Those plans extend its ambitions beyond answering clinicians' questions.
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