OpenEvidence Startup Diligence Report
Proceed to confirmatory diligence only if the company can substantiate $100M+ revenue quality, durable HCP engagement, compliant ad monetization, defensible content/model advantages, adequate security/regulatory controls and manageable litigation/IP exposure. Public evidence is promising but insufficient for valuation reliance.
OpenEvidence Startup Diligence Report
OpenEvidence is strongly supported as an active, highly valued healthcare AI unicorn with public evidence of major financing rounds, medical-content partnerships and large clinician-usage claims. The investment case remains highly dependent on private verification of revenue quality, ad-supported monetization, clinical AI safety, privacy/security posture, content-license economics, cap table and litigation exposure.
The $12B valuation and reported revenue are public, but audited financials, ARR bridge, cash burn, gross margin and forecast quality are private.
Diligence request: Run quality-of-revenue diligence, reconcile reported revenue to GAAP/management accounts and benchmark valuation to retention, margins and growth.
Free clinician access and advertising infrastructure imply advertisers/sponsors may be the paying customers, but concentration, renewals and compliance economics are not public.
Diligence request: Request advertiser/customer list, revenue by customer, insertion orders/MSAs, renewal pipeline, AR aging and ad-compliance review process.
Terms disclaim diagnostic use, but clinicians use the product for high-stakes clinical decisions; product errors or changing AI/CDS rules could be material.
Diligence request: Obtain FDA/state regulatory analyses, clinical safety cases, model-evaluation files, incident logs and professional-liability insurance.
Privacy policy discloses NPI/license data and third-party advertising partner activity; ad targeting in healthcare can create compliance and reputational risk.
Diligence request: Review data maps, consent flows, BAA posture, third-party pixels, retention, opt-out, MLR governance, SOC 2/HITRUST and HIPAA counsel memos.
OpenEvidence and Doximity are reportedly suing each other, and a prior Pathway lawsuit was dismissed; litigation may distract management or affect IP narratives.
Diligence request: Obtain pleadings, motions, dismissal orders, counsel assessments, insurance coverage and settlement exposure analysis.
DeepConsult is described as >100x compute/cost versus standard search and clinical outputs are high stakes; no public model cards or red-team reports were found.
Diligence request: Run technical diligence on eval harnesses, ground-truth sets, source citation fidelity, cost curves, uptime, incident response and human factors.
OpenEvidence markets evidence-based clinical answers while monetizing through advertising; perceived conflicts could affect physician trust, partner relations or regulatory scrutiny.
Diligence request: Review ad labeling, targeting restrictions, firewall between content and ads, advertiser categories, medical-review workflows and user-trust research.
Multiple priced rounds are public, but share counts, preferences, debt, warrants, option pool and secondary components are not.
Diligence request: Request full cap table, charter, investor rights, SAFEs/notes/debt and round model.
OpenEvidence has strong public financing headlines, including a $12B January 2026 valuation and prior $1B/$3.5B/$6B valuation anchors, plus reported $100M+ revenue. Public evidence does not disclose audited financials, forecast quality, cash, debt, cap table, revenue concentration or unit economics.
not publicly verifiable confidence: high
No audited income statements, balance sheets, cash flows, backlog, AR aging or product/geography gross profit schedules were public; only company-reported revenue/adoption headlines were found.
| metric | value | source context | verification status | diligence request |
|---|---|---|---|---|
| Revenue | Surpassed $100M | TechCrunch says company reported this | partially_verified | Audited revenue, ARR/booking bridge and revenue-recognition policy. |
| Clinical consultations | 18M in December 2025; 1M in one day on March 10, 2026 | TechCrunch and company PR | partially_verified | Definition of consultation, active-user cohorts, bot/fraud controls. |
| Gross margin / CAC / payback / NRR / churn | Not public | No public data room | not_publicly_verifiable | KPI pack by cohort and channel. |
partially verified confidence: medium
Public evidence supports growth drivers such as clinician adoption and content partnerships, but the three-year model, pricing assumptions, compute costs and external financing assumptions are private.
| date | round | amount | post money or valuation | lead or participants | verification status | diligence caveat |
|---|---|---|---|---|---|---|
| 2025-02-19 | Series A | Not stated in PR; Wikipedia page reported $75M | $1B | Sequoia Capital | partially_verified | Confirm amount, security type, preferences and cap table. |
| 2025-07-15 | Series B | $210M | $3.5B | Google Ventures and Kleiner Perkins; Sequoia, Coatue, Conviction, Thrive also named | verified | Confirm primary/secondary split and investor rights. |
| 2025-10 | Series C | $200M | $6B | GV reported by TechCrunch | partially_verified | Obtain round documents; only TechCrunch summary was reviewed. |
| 2026-01-21 | Series D | $250M | $12B | Thrive Capital and DST co-led per TechCrunch/CNBC | verified | Validate valuation, preferences, option pool and any debt. |
Financing history is public at headline level only.
not publicly verifiable confidence: high
Public sources name major investors and founders but do not disclose shares, preferences, warrants, notes, debt or option pool.
| stakeholder | public position | verification status | diligence caveat |
|---|---|---|---|
| Daniel Nadler | Founder / CEO; prior Kensho founder | partially_verified | Ownership, employment agreement and vesting not public. |
| Zack Ziegler | Co-founder named in public background source | partially_verified | Ownership, role and vesting not public. |
| Sequoia, GV, Kleiner Perkins, Thrive, DST and other investors | Named financing participants across Series A-D | verified | Share classes, preferences and investor rights not public. |
| Debt, warrants, options, employee grants | Not publicly disclosed | not_publicly_verifiable | Request full capitalization and debt schedule. |
partially verified confidence: medium
Public financing history is relatively robust, but taxes, accounting policies, revenue-recognition judgments and financing instrument details are private.
OpenEvidence publicly offers a free AI medical knowledge and clinical decision-support platform for verified U.S. HCPs, with licensed medical-content integrations and advanced DeepConsult functionality. Core product quality, pricing economics, roadmap and regulated-use boundaries require private diligence.
partially verified confidence: medium
The public product set centers on AI-powered medical search/clinical decision support, licensed evidence content, mobile app access and DeepConsult. Pricing is visibly free for verified U.S. HCPs; paid packaging and cost structure are not public.
| product or feature | audience | public evidence | verification status | gap |
|---|---|---|---|---|
| OpenEvidence core medical search / clinical decision support | Verified U.S. healthcare professionals | Homepage positioning and terms define clinical decision support tools. | verified | Need workflow demos, usage cohorts and safety/eval files. |
| Licensed evidence content from NEJM, JAMA/JAMA Network, NCCN, Cochrane and societies | Clinicians seeking cited evidence | Homepage plus NEJM/NCCN announcements. | partially_verified | Need full licenses and partner confirmations for all claimed partners. |
| DeepConsult | Physicians needing deeper research synthesis | Series B release describes PhD-level report and >100x compute/cost. | verified | Need performance, cost and adoption data. |
| Mobile apps | Verified U.S. HCPs | Homepage says get OpenEvidence on iOS and Android. | verified | Need app analytics, support quality and platform dependency. |
| offering | public price or model | evidence | verification status | diligence request |
|---|---|---|---|---|
| Verified U.S. HCP access | Free | Homepage says OpenEvidence is free for verified U.S. HCPs. | verified | Confirm eligibility, verification cost and international policy. |
| Advertising-supported monetization | Ad-supported; revenue reportedly >$100M | TechCrunch and Amaro release. | partially_verified | Advertiser contracts, ad rates, compliance review, gross margin. |
| Enterprise/provider/pharma paid tiers | Not disclosed | No public pricing page found; customer revenue schedule absent. | not_publicly_verifiable | Pricing, packaging, ACV and discount policies. |
Public materials demonstrate extensive clinician-user and content-partner claims, but do not disclose paying-customer lists, advertiser concentration, contract economics, churn or supplier spend.
partially verified confidence: medium
Public evidence identifies user groups and usage scale rather than named top-paying customers; verified HCPs and care centers are adoption anchors.
| public group | reported scale | use case | verification status | gap |
|---|---|---|---|---|
| Verified physicians / HCPs | Hundreds of thousands; >40% of U.S. physicians/clinicians cited in public sources | Clinical questions and decision support | partially_verified | Active-user, retention and NPI verification logs. |
| Hospitals and medical centers | More than 10,000 care centers nationwide | Clinician access across care settings | partially_verified | Whether institutions are customers, users or merely workplaces. |
| Advertisers / sponsors / paying customers | Not named publicly | Likely monetization counterparties in ad-supported model | not_publicly_verifiable | Revenue by customer and contract terms. |
verified confidence: medium
Strategic relationships are one of the strongest public evidence areas, led by NEJM, NCCN and homepage-listed journal/society partners.
| partner | nature | public evidence | verification status | diligence gap |
|---|---|---|---|---|
| NEJM Group / New England Journal of Medicine | Multi-year content agreement; homepage official AI partner claim | Series A release and homepage. | verified | Contract economics, term and exclusivity. |
| JAMA / JAMA Network | Homepage official AI partner claim | Homepage states content includes JAMA/JAMA Network materials. | partially_verified | Partner-side confirmation and contract. |
| NCCN | Licensing agreement for NCCN Guidelines Treatment Algorithms | NCCN partner announcement and homepage. | verified | License economics and QA obligations. |
| Cochrane and society partners (ACC, ADA, AAFP, NORD, ACOG, AUA, AAO, ACEP and more) | Homepage-listed content/society partners | Homepage partner list. | partially_verified | Independent confirmation and individual contracts. |
not publicly verifiable confidence: high
Revenue by customer or advertiser is not publicly verifiable; public monetization evidence points to ad support and reported $100M+ revenue.
not publicly verifiable confidence: low
No severed customer, partner or supplier relationships were publicly verified; litigation with competitors may involve ecosystem conflicts but is not a severed-customer disclosure.
partially verified confidence: medium
Public sources reveal content licensors, advertising technology from Amaro and likely HCP verification/data dependencies; cloud/model suppliers and spend concentration are not public.
| dependency | role | public evidence | verification status | risk |
|---|---|---|---|---|
| Medical-content licensors | Evidence corpus and partner credibility | NEJM/NCCN/homepage partners. | verified | License renewal and cost. |
| Advertising technology / Amaro | Ad-supported monetization infrastructure | Amaro acquisition release. | verified | Ad compliance and integration. |
| Cloud/model/compute providers | LLM inference, DeepConsult and storage | Not publicly identified; DeepConsult compute intensity disclosed. | not_publicly_verifiable | Cost, security and availability concentration. |
| NPI/license verification and HCP data | Access control and ad personalization | Privacy policy references NPI/license collection. | verified | Privacy and verification accuracy. |
OpenEvidence competes in a fast-moving healthcare AI and clinical-decision-support market against Doximity/Pathway, general AI model makers, traditional medical-information products and consumer medical information patterns. Public evidence supports differentiation through content partnerships and free clinician access but not win rates or durable market share.
partially verified confidence: medium
The strongest public differentiators are evidence-content partnerships, clinician-only positioning and free HCP access; the main risks are incumbent distribution, model-maker encroachment, litigation and advertising trust.
| competitor | segment | product overlap | public evidence | openevidence differentiator | r |
|---|---|---|---|---|---|
| Doximity GPT | Clinician network and healthcare-specific AI | Answers medical questions for clinicians | HealthExec describes Doximity GPT and similar OpenEvidence offering. | Content-partner claims and free HCP medical-search focus. | — |
| Pathway Medical | Medical AI / clinical knowledge | Competitor named in prompt-injection lawsuit article | HealthExec reports OpenEvidence sued Pathway and Doximity later acquired it. | Scale and content-partner positioning. | — |
| General AI model makers | Foundation models and general assistants | Potential health-information products | TechCrunch notes encroachment from model makers. | Clinical domain focus, HCP verification and licensed sources. | — |
| Traditional medical-information products / WebMD-like reference tools | Medical knowledge and decision support | Medical information search/reference | TechCrunch compares OpenEvidence to WebMD for a prior internet generation but doctor-focused. | AI, citation and clinician workflow. | — |
| axis | openevidence position | competitive pressure | evidence | diligence need |
|---|---|---|---|---|
| Evidence/content credibility | Strong public partner claims | High for incumbent medical content vendors | NEJM/NCCN/homepage partnerships. | Contract terms and user trust research. |
| Distribution/adoption | Large company-reported HCP adoption | High from Doximity and model makers | Usage and Doximity GPT sources. | Cohort retention and win/loss. |
| Price | Free for verified U.S. HCPs | Could pressure paid CDS tools; depends on ad revenue | Homepage and TechCrunch ad-supported model. | Ad economics, willingness to pay and margin. |
| Legal/IP posture | Publicly involved in disputes | Litigation can distract and expose claims | HealthExec litigation article. | Primary docket and counsel review. |
Public go-to-market is product-led/free clinician access reinforced by publisher/society partnerships, high-profile press, mobile apps and advertising monetization. Sales productivity, advertiser pipeline, quotas and budget adequacy are not public.
partially verified confidence: medium
The public strategy combines free verified-HCP access, content partnerships, PR, mobile app availability and ad-supported monetization enhanced by Amaro.
| channel | public signal | role | verification status | gap |
|---|---|---|---|---|
| Product-led free HCP access | Free for verified U.S. HCPs; >40% usage via word of mouth in job posting | User acquisition and habit formation | partially_verified | Acquisition funnel and retention. |
| Medical-content and society partnerships | NEJM/JAMA/NCCN/Cochrane and society partners | Trust, distribution and evidence moat | partially_verified | Contract economics and partner co-marketing. |
| Press/investor credibility | CNBC, TechCrunch, PRNewswire and Disruptor 50 profile | Brand, recruiting and investor visibility | verified | Lead attribution and conversion. |
| Advertising sales / Amaro infrastructure | Amaro acquisition and ad-supported model | Monetization channel | partially_verified | Advertiser pipeline and medical-ad governance. |
| signal | source | message | verification status | risk note |
|---|---|---|---|---|
| Homepage brand claim | OpenEvidence homepage | America's Official Medical Knowledge Platform | verified | Substantiation and partner permission should be reviewed. |
| Investor/financing PR | PRNewswire/CNBC/TechCrunch | Fast growth, large rounds, unicorn valuation | verified | Promotional claims require financial verification. |
| Partner credibility | NCCN and NEJM-related releases | Evidence-based content integrations | partially_verified | Reliance on partner renewal and QA obligations. |
| Ad-supported medical workflow | TechCrunch and Amaro release | Free-to-HCP model monetized by advertising | partially_verified | Potential physician trust and ad-compliance concerns. |
Rows marked verified indicate that the public statement was verified to exist, not that underlying operating metrics were independently audited.
not publicly verifiable confidence: high
Major paying customers are not public; HCP users and care centers are adoption signals rather than revenue concentration evidence.
partially verified confidence: medium
Principal public avenues are verified-HCP onboarding, product-led word of mouth, content/society partners, mobile apps, PR and advertising demand generation.
not publicly verifiable confidence: high
No quota, sales-cycle, rep productivity or sales-compensation data was public; ad-supported monetization makes productivity diligence especially important.
not publicly verifiable confidence: medium
Budget adequacy is not public. Financing suggests resources exist, but burn, license fees, compute and sales/marketing spend are unknown.
OpenEvidence publicly presents a science-heavy R&D organization building medical-domain LLMs, retrieval/citation experiences and DeepConsult. Technical performance, roadmap cost, incident history and IP ownership require private diligence.
partially verified confidence: medium
Public evidence supports an engineering-heavy organization with research, applied AI, infrastructure, SRE and security roles; complete org design and budgets are private.
| person or role | public role | evidence | verification status | diligence gap |
|---|---|---|---|---|
| Daniel Nadler | Founder / CEO; prior Kensho founder | PR and Wikipedia background. | partially_verified | Employment agreement, equity, board role. |
| Zack Ziegler | Co-founder; machine learning researcher per public background | Wikipedia page and Amaro release quote from Zachary Ziegler as cofounder. | partially_verified | Current responsibilities and equity. |
| Research Scientist / Applied AI / Data Infrastructure / SRE / Platform Security roles | R&D and reliability roles | Ashby job board. | verified | Actual filled roles, attrition and reporting lines. |
| Medical advisory board / domain experts | Advisory content/clinical input implied by PR quote | Series B release references a world-class medical advisory board in investor quote. | partially_verified | Names, agreements, conflicts and compensation. |
partially verified confidence: medium
DeepConsult and next-generation medical-domain LLMs are public pipeline signals; release dates, performance gates, cost to develop and critical technology dependencies are private.
| initiative | status | evidence | verification status | diligence request |
|---|---|---|---|---|
| Next-generation medical-domain LLMs | Funding use stated in Series A release | Train specialized LLMs and grow AI scientists. | verified | Model cards, evals, data rights and training/inference cost. |
| DeepConsult | Wide release announced July 2025 | Purpose-built AI agent for physicians; >100x standard search compute/cost. | verified | Usage, quality, margin and safety data. |
| Expanded content partnerships | Ongoing funding use and homepage partner list | NEJM/NCCN/homepage partners. | partially_verified | Partner roadmap and contract renewal schedule. |
| Advertising infrastructure integration | Amaro acquisition announced | Amaro team/product/technology to support advertising infrastructure. | verified | Ad-governance roadmap and integration risks. |
Public sources identify Daniel Nadler and Zack Ziegler and show active engineering hiring, but do not disclose full management roster, board, compensation, stock plans, employee relations or turnover.
partially verified confidence: medium
Only a partial public org chart can be inferred: CEO/founder, co-founder, engineering/research/security roles and investors/medical advisors. Reporting lines are not public.
| name or group | role | tenure or background | verification status | gap |
|---|---|---|---|---|
| Daniel Nadler | Founder / CEO | Founded OpenEvidence in 2022; prior Kensho founder per public sources. | partially_verified | Employment terms, equity, board control, references. |
| Zack Ziegler / Zachary Ziegler | Co-founder | Named as co-founder; quoted in Amaro release. | partially_verified | Current role, reporting, equity and vesting. |
| Board and investors | Not fully public; major investors named | Sequoia, GV, KP, Thrive, DST, Nvidia and others named in financing sources. | partially_verified | Board seats, observer rights, voting thresholds and protective provisions. |
| Broader C-suite / medical advisory board | Not fully public in reviewed sources | Investor quote references a medical advisory board. | not_publicly_verifiable | Names, contracts, conflicts, compensation. |
partially verified confidence: medium
Public headcount evidence is limited to 30-person engineering-team claim and 10 engineering openings in San Francisco and Miami.
| function | public signal | location | verification status | gap |
|---|---|---|---|---|
| Engineering overall | 30-person engineering team; 10 open engineering roles | San Francisco and Miami roles | verified | Total headcount, attrition, offer funnel. |
| Security / SRE / data infrastructure | Dedicated public postings | Miami and San Francisco | verified | Filled capacity and security maturity. |
| Sales/marketing/legal/compliance/clinical operations | Not visible in Ashby API snapshot | Not public | not_publicly_verifiable | Non-engineering org and capacity. |
partially verified confidence: medium
Daniel Nadler's prior Kensho background is public; Zack Ziegler is identified as co-founder. Broader C-suite, board and medical advisory details were not fully public in reviewed sources.
not publicly verifiable confidence: high
No key employment agreements, benefits plans, executive compensation, bonus or sales-compensation terms were public.
| area | public evidence | verification status | why it matters | request |
|---|---|---|---|---|
| Executive compensation and employment agreements | Not public | not_publicly_verifiable | Retention, severance and change-in-control costs. | Employment agreements and comp summary. |
| Incentive stock plans and option grants | Not public | not_publicly_verifiable | Dilution and retention economics. | Equity plan, grant ledger and 409A history. |
| Employee relations / turnover | No public data; active engineering hiring visible | not_publicly_verifiable | Execution risk for rapid scale-up. | Turnover, complaints, HR matters and retention packages. |
not publicly verifiable confidence: high
Stock plans, option grants, vesting schedules and strike prices are not public.
not publicly verifiable confidence: low
No significant employee-relations problems were publicly verified; litigation reports involve competitors rather than employment claims.
not publicly verifiable confidence: medium
Turnover data was not public; active hiring and a small engineering-team claim create a diligence need for retention metrics.
Legal diligence is material. Public sources show healthcare AI disclaimers, privacy/ad-data disclosures, partner/content licenses, a HIPAA-compliant-environment claim and publicized competitor litigation. Primary dockets, contracts, insurance, security audits, patents and regulatory correspondence were not public.
partially verified confidence: medium
HealthExec reports Doximity filed a lawsuit against OpenEvidence. Primary docket access was not available, so damages, status and counsel require legal follow-up.
| case or counterparty | public status | public allegation or issue | verification status | diligence request |
|---|---|---|---|---|
| Doximity v. OpenEvidence | HealthExec reports Doximity filed a lawsuit against OpenEvidence | Doximity allegedly accused OpenEvidence of using false claims as self-promotion and misinformation to harm Doximity / poach talent. | partially_verified | Primary docket, complaint, motions, damages, insurance and counsel memo. |
| Other lawsuits against company | No other specific cases verified in reviewed accessible sources | Not publicly verifiable | not_publicly_verifiable | Counsel litigation schedule and docket search. |
Primary court dockets were not accessible in this environment.
partially verified confidence: medium
HealthExec reports OpenEvidence sued Doximity and had previously sued Pathway Medical over alleged prompt-injection attacks; Pathway was reportedly dismissed.
| case or counterparty | public status | public allegation or issue | verification status | diligence request |
|---|---|---|---|---|
| OpenEvidence v. Doximity | HealthExec reports OpenEvidence sued Doximity | Accusation that Doximity stole proprietary code / trade secrets; Doximity denies accusations per article. | partially_verified | Pleadings, defenses, motion calendar, evidence preservation and counsel assessment. |
| OpenEvidence v. Pathway Medical | HealthExec reports suit filed in February and dismissed in June | Alleged prompt-injection attacks against OpenEvidence LLM to leak secrets. | partially_verified | Complaint, dismissal order, fee exposure and relation to Doximity acquisition. |
Summaries are from news coverage, not pleadings.
not publicly verifiable confidence: low
As a software/AI company, environmental and physical safety exposure appears limited, but workplace, data-security and clinical-output safety issues require private evidence.
| area | public evidence | verification status | risk | diligence request |
|---|---|---|---|---|
| Clinical-decision support disclaimers | Terms say service is educational/informational, not diagnostic or substitute for clinical judgment. | verified | Reliance and regulatory perimeter. | FDA/state/CDS legal memo and safety case. |
| Privacy and advertising data | Privacy policy discloses NPI/license data and third-party advertising partners. | verified | HIPAA/privacy/consumer protection and reputational exposure. | Data map, consent, BAA, DPA, subprocessor and ad-targeting review. |
| Security posture | Company states secure, HIPAA-compliant environment; hiring platform security role. | partially_verified | No independent audit public. | SOC 2/HITRUST, pen tests, incident history and BCP/DR. |
| Agency actions / insurance | No specific agency action or insurance coverage verified from accessible public sources. | not_publicly_verifiable | Unknown enforcement, claims or coverage gaps. | Agency correspondence, policies, claims/loss runs and counsel memo. |
partially verified confidence: medium
Material public IP evidence centers on content licenses and alleged proprietary code/trade secrets in litigation; authoritative patent/trademark schedules were not retrieved.
| asset or contract | type | public status | verification status | request |
|---|---|---|---|---|
| NEJM content agreement | Content license | Multi-year agreement covering NEJM Group content from 1990 forward per PR. | verified | Full contract, economics, renewal and termination rights. |
| NCCN Guidelines licensing agreement | Content license / QA obligations | NCCN announced licensing agreement and QA/source-linking requirements. | verified | Full license, QA procedures, indemnities and oncology coverage. |
| JAMA, Cochrane and society partner relationships | Content/society partnership | Displayed on homepage; not all partner-side confirmations reviewed. | partially_verified | All agreements and partner confirmations. |
| Proprietary code, prompts, model outputs and trade secrets | Trade secret / software IP | Subject of reported competitor litigation. | partially_verified | IP ownership audit, invention assignments, SBOM, litigation evidence. |
| Patents/trademarks/copyrights | Registered IP | Authoritative schedules not retrieved in this pass. | not_publicly_verifiable | USPTO/WIPO schedules and counsel opinion. |
not publicly verifiable confidence: high
Insurance coverage is not public. Product liability, cyber, E&O, D&O, employment and litigation coverage are critical given healthcare AI and lawsuits.
partially verified confidence: medium
Material public contracts include content licenses/partner agreements and possibly advertising/customer contracts; full terms are private.
inconclusive confidence: medium
No specific FDA/FTC/HHS/state enforcement action was verified in reviewed sources, but public terms/privacy disclosures and healthcare AI positioning create high-priority regulatory diligence questions.
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | OpenEvidence is publicly listed as a United States Health Technology unicorn with a $12B valuation dated January 2026. | verified high | SRC-001SRC-002 |
| EC-002 | OpenEvidence announced or was reported to have raised a $250M Series D at a $12B valuation co-led by Thrive Capital and DST, bringing total funding to about $700M. | verified high | SRC-002SRC-003 |
| EC-003 | OpenEvidence announced a $210M Series B round at a $3.5B valuation in July 2025, co-led by Google Ventures and Kleiner Perkins. | verified medium | SRC-004 |
| EC-004 | OpenEvidence announced a Sequoia-led Series A at a $1B valuation and a multi-year NEJM content agreement in February 2025. | verified medium | SRC-005 |
| EC-005 | OpenEvidence publicly positions itself as America's Official Medical Knowledge Platform and displays official AI partnerships with NEJM, JAMA/JAMA Network, NCCN and Cochrane. | partially verified medium | SRC-006 |
| EC-006 | NCCN announced a licensing agreement to make NCCN oncology guidelines accessible through OpenEvidence's medical AI technology with QA and source-link controls. | verified high | SRC-007 |
| EC-007 | Company-published sources claim substantial clinician adoption, including hundreds of thousands of verified HCPs, usage across more than 10,000 care centers, and over 40% of U.S. physicians logging in daily. | partially verified medium | SRC-004SRC-007SRC-012 |
| EC-008 | OpenEvidence and press sources describe rapid consultation growth: 18M clinical consultations in December 2025 and 1M consultations in a single day on March 10, 2026. | partially verified medium | SRC-003SRC-009 |
| EC-009 | OpenEvidence's public monetization story is free access for verified U.S. clinicians supported by advertising; TechCrunch reported the company said it surpassed $100M in revenue. | partially verified medium | SRC-003SRC-008 |
| EC-010 | OpenEvidence terms frame the service as clinical decision support and educational/informational content, not a diagnostic service or substitute for clinical judgment. | verified high | SRC-010 |
| EC-011 | OpenEvidence's privacy policy discloses collection of personal information, NPI or medical license data, marketing/communications information and third-party advertising partner activity. | verified high | SRC-011 |
| EC-012 | OpenEvidence's job board showed 10 public engineering openings, a claimed 30-person engineering team and roles in San Francisco and Miami, including security, data infrastructure, SRE, research scientist and applied AI. | verified medium | SRC-012 |
| EC-013 | Public background sources identify Daniel Nadler as co-founder/CEO and Zack Ziegler as co-founder of OpenEvidence, founded in 2022 to build AI medical search for healthcare professionals. | partially verified medium | SRC-004SRC-013 |
| EC-014 | OpenEvidence publicly describes significant R&D investment in medical-domain LLMs and DeepConsult, including that DeepConsult requires over 100x the compute and cost of a standard search. | verified medium | SRC-004SRC-005 |
| EC-015 | OpenEvidence acquired Amaro to support a modern advertising infrastructure, reinforcing dependence on ad monetization and advertising technology. | verified medium | SRC-008 |
| EC-016 | OpenEvidence is involved in publicized competitor litigation with Doximity and previously sued Pathway Medical over alleged prompt-injection attacks; the Pathway lawsuit was reportedly dismissed. | partially verified medium | SRC-014 |
| EC-017 | The competitive set includes Doximity GPT, Pathway Medical, general AI model makers and traditional medical-information products; TechCrunch analogized OpenEvidence to a doctor-focused medical information platform. | partially verified medium | SRC-003SRC-014 |
| EC-018 | Core financial-quality items—audited statements, ARR/revenue bridge, cash runway, debt, gross margin, CAC, churn, NRR and cap table—were not publicly available in the reviewed sources. | not publicly verifiable high | SRC-016 |
| EC-019 | Top customers, payer/provider contracts, advertiser contracts and revenue concentration were not publicly verifiable; public materials emphasize users, HCPs, care centers and partners rather than paying-customer revenue. | not publicly verifiable high | SRC-003SRC-006SRC-008SRC-016 |
| EC-020 | OpenEvidence stated its medical AI operates within a secure, HIPAA-compliant environment, but independent security audits and BAAs were not public. | partially verified medium | SRC-009SRC-012 |
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.