OpenEvidence, an artificial intelligence company that provides a medical search engine for physicians, recently raised $250 million in a Series D funding round. The latest financing round values the company at $12 billion. Based in Miami, Florida, OpenEvidence helps doctors efficiently sort through large volumes of medical data and research materials. Many refer to the startup as the “ChatGPT for doctors.”

OpenEvidence focuses on providing physicians with high-quality medical data. The AI platform is currently used by approximately 40% of physicians in the United States to guide clinical decision-making. The AI platform can provide comprehensive treatment plans, information about drug interactions, and other complex medical information.

“’ChatGPT for doctors’ is a useful shorthand, but what we really do is help physicians make high-stakes clinical decisions at the point of care,” stated co-founder and CEO Daniel Nadler. “It’s not trained on the open internet or social media, which can introduce low-quality medical information.” Instead, the company’s chatbots are trained on data from highly technical sources such as scientific journals and clinical data.

Founded in 2022 by Daniel Nadler, OpenEvidence has been growing at an accelerated pace. In February 2025, the company had a $1 billion valuation following its Series B fundraising round. In October 2025, the company had a $6 billion valuation following a successful Series C fundraising round.

Just a few months later, OpenEvidence doubled its valuation to $12 billion. In January 2026, the company raised a $250 million Series D funding round led by Thrive Capital and DST Global. Other investors in the medical startup include Sequoia, Kleiner Perkins, Blackstone, Nvidia, and the Mayo Clinic.

Although OpenEvidence was initially started in Cambridge, Massachusetts, the company moved its headquarters to Miami in 2025. Attracted to Florida’s pro-business culture, a number of technology companies have relocated to Miami in recent years.

OpenEvidence faces competition from OpenAI’s ChatGPT and Anthropic’s Claude for Healthcare. However, OpenEvidence believes that its highly specialized tools give it an edge over other AI competitors. While Anthropic and OpenAI’s health offerings are consumer-focused, OpenEvidence’s platform is designed primarily for doctors and medical professionals. In 2025, the company surpassed $100 million in revenue, with advertising serving as the main source of revenue.

While the Miami-based company is focused on scaling quickly, they are being cautious not to burn through cash too quickly. This contrasts with the approach of some other AI companies, which have been on intense spending sprees in order to keep up in the AI race. OpenEvidence is also committed to building the company internally rather than growing the company through acquisitions.

OpenEvidence has no imminent plans to conduct an initial public offering (IPO). Continuing to operate as a private company will allow OpenEvidence to concentrate on its long-term growth strategy without the pressure of catering to short-term shareholder demands. In addition, public companies face significant ongoing disclosure requirements and compliance obligations that can be a distraction for management.