OpenEvidence, the Miami-based AI platform often described as “ChatGPT for doctors,” is reportedly considering raising $200 million at a $20 billion valuation. If confirmed, that would represent a nearly 6x increase from the company’s $3.5 billion valuation in July 2025, and a meaningful jump from the $12 billion it commanded just months ago.

A fundraising pace that makes venture capitalists dizzy

OpenEvidence has been on an absolute tear. The company raised approximately $700 million across several funding rounds in the past year alone. Its Series C in October 2025 brought in $200 million at a $6 billion valuation. Then, just three months later, a $250 million Series D pushed that number to $12 billion.

The investor roster reads like a who’s who of Silicon Valley and beyond: Thrive Capital, DST Global, Sequoia, Google Ventures, Nvidia, and, notably, Mayo Clinic.

What OpenEvidence actually does

The platform provides AI-powered clinical decision support to healthcare professionals, pulling from peer-reviewed medical sources like the New England Journal of Medicine, JAMA, and NCCN oncology guidelines. More than 40% of US physicians reportedly use the platform across over 10,000 hospitals and medical centers. The company has also reported annual revenue reaching $150 million at one point. The company requires users to be verified medical professionals, which creates both a trust moat and a natural constraint on growth.

Why this matters for the broader AI investment landscape

OpenEvidence doesn’t touch crypto, blockchain, or digital assets. It’s a pure-play AI healthcare company.

A $20 billion valuation for a company with $150 million in reported revenue implies a revenue multiple north of 130x. US healthcare spending runs into the trillions annually.

What to watch: whether this $200 million raise actually closes, and at what valuation. If it comes in at or above $20 billion, it will cement OpenEvidence as one of the most valuable private AI companies globally.