OpenEvidence, the Miami-based healthcare AI startup known as "ChatGPT for doctors," has closed a $250 million funding round led by Thrive Capital and DST Global, doubling its valuation to $12 billion. The company has now raised $750 million total since its first outside capital in February 2025.
CEO Daniel Nadler told CNBC that OpenEvidence is used by 40% of U.S. physicians and exceeded $100 million in annual revenue last year. The startup was founded in 2022 by Nadler, who previously sold Kensho Technologies to S&P for about $700 million, and Harvard PhD student Zachary Ziegler.
OpenEvidence relies on advertising revenue rather than subscriptions, allowing faster adoption. The company faces growing competition from OpenAI's "ChatGPT Health" and Anthropic's "Claude Healthcare," both launched this month as HIPAA-compliant extensions. When asked about an IPO, Nadler said foundation model companies like OpenAI and Anthropic need to go public first.