OpenEvidence raises $250M at $12B as the clinical AI assistant for doctors

The Series D was co-led by Thrive Capital and DST, and ICONIQ Capital, GV, Blackstone and Sequoia Capital also participated. The company says it has raised about $700 million in total. It was the fourth fundraise in less than a year. Usage is the main support for the price: the free, ad-supported platform served 18 million clinical consultations from verified U.S. healthcare professionals in December, against about 3 million a month a year before. The company also said it had passed $100 million in revenue. Advertising is the core business. Any clinician with a national provider identifier can use the product for free, and ads shown to clinicians are the primary revenue source. The raise also came as larger labs moved in: investors appeared unworried about new health products from OpenAI and Anthropic. Critics see a risk, since one commentary called it a vertical wrapper trying to build a moat before base models commoditize clinical reasoning. For founders, the round shows that investors will pay for a vertical product that wins daily professional habit, even when general-purpose labs target the same field. Free access gated by professional credentials let OpenEvidence build distribution first and monetize through ads later. The open question is whether that audience stays loyal once the big labs compete directly for it.