Valuation Doubles in Three Months
OpenEvidence, the artificial intelligence startup creating specialized search tools for physicians, has reportedly reached a $6 billion valuation following its latest funding round, according to reports. This represents a significant increase from the company’s $3.5 billion valuation in July, sources indicate. The Miami-based company, which made the 2025 Forbes AI 50 list, has seen explosive growth in both valuation and user adoption.
CEO’s Wealth Experiences Meteoric Rise
The company’s valuation surge has substantially increased the wealth of cofounder and CEO Daniel Nadler, analysts suggest. Forbes estimates reportedly show Nadler’s net worth has climbed to $3.6 billion after the latest fundraise, up more than 50% from $2.3 billion just three months earlier. The 42-year-old CEO maintains an intense work focus despite his changing financial situation, telling Forbes: “I just work 100 hours a week and eat cereal. The more I get into this, the less that anything other than work matters.”
Major Investors Back Medical AI Vision
The new $200 million investment was led by GV, Google‘s venture arm, with participation from several prominent Silicon Valley firms. The funding round reportedly included Sequoia, Kleiner Perkins, Blackstone, Thrive Capital, Coatue, Bond and Craft, according to the analysis. This marks the second major investment in OpenEvidence since July, when the company raised $210 million in a round also led by GV.
Rapid Physician Adoption Driving Growth
OpenEvidence’s AI tool, described as a ChatGPT-for-doctors model, is experiencing unprecedented adoption rates, the report states. The software is now reportedly being used by 40% of physicians in the United States, with clinical consultations increasing to 16.5 million per month from 10 million per month since July. “Normally that would take three years,” Nadler told Forbes. “I mean, it’s crazy.” This rapid growth mirrors industry developments in other sectors where AI implementation is accelerating.
Business Model and Revenue Projections
The company follows an advertising-based revenue model similar to Google, offering its service free to verified doctors while generating income through targeted advertising. In September, OpenEvidence acquired AI advertising outfit Amaro to enhance its ad capabilities, according to reports. The company reportedly booked $50 million in annualized revenue from advertising in July, with projections now indicating $100 million in annualized revenue by 2026. This growth pattern reflects broader market trends in technology adoption across professional sectors.
Beyond Search: The Push for Medical Superintelligence
While the current platform helps doctors navigate the flood of medical research by searching millions of peer-reviewed publications, Nadler envisions a more ambitious future. “The next phase for us is to push out the frontiers of human knowledge to reach medical superintelligence,” he stated. The company aims to not just help doctors find existing research but to actively expand medical knowledge through collective physician experience.
Data Collection Strategy and Competitive Advantage
OpenEvidence’s strategy involves leveraging doctors as data collectors during patient consultations, particularly for rare diseases and complex cases. Nadler compares this approach to how Google Street View powered maps: “Our doctors become the Google cars with the funny cameras on.” This creates what he describes as “expert sourcing and experience sourcing medical knowledge” rather than traditional crowdsourcing. The company believes this approach creates significant barriers to competition, with Nadler noting: “There are enormous first-mover advantages. Something has to be 100 times better to switch from a free product.” This strategic positioning comes amid related innovations in data collection across multiple industries.
Addressing the Medical Information Explosion
The startup addresses a critical challenge in modern medicine: the exponential growth of medical literature, which reportedly doubles in size every five years. This proliferation creates difficulties for physicians trying to stay current with new treatment options, including emerging therapies like gene treatments, and understanding how different diseases and drugs interact. The company’s proprietary algorithms search top medical journals including the New England Journal of Medicine and the Journal of the American Medical Association, providing doctors with fast answers and full citations. This specialized approach represents one of many recent technology solutions addressing information overload in critical sectors.
Founder’s Track Record and Company Ownership
Nadler, a Toronto-born Harvard Ph.D. in political economy, previously founded and sold AI analytics startup Kensho for $550 million in 2018. He reportedly invested some of those proceeds into OpenEvidence, allowing him to maintain an estimated 60% stake in the company. This substantial ownership position explains the dramatic increase in his personal net worth following the company’s valuation surge, according to analysts.
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