Key takeaways
Reported, not announced: $250 million at a $15 billion valuation in September 2026, with Andreessen Horowitz and hospital systems investing.
Widely reported: $250 million at $12 billion in January 2026, co-led by Thrive Capital and DST Global.
The valuation rose from $1 billion in February 2025 to a reported $15 billion in about 19 months, across five rounds.
Revenue comes mainly from pharmaceutical and device advertising; Sacra estimated about $300 million in annualized revenue in July 2026.
Side-by-side comparison
| Date | Round | Amount | Valuation | Lead investors (as reported) |
|---|---|---|---|---|
| February 2025 | Series A | $75 million | $1 billion | Sequoia Capital |
| July 2025 | Series B | $210 million | $3.5 billion | GV and Kleiner Perkins |
| October 2025 | Series C | $200 million | $6 billion (Sacra lists $6.1 billion) | GV |
| January 2026 | Series D | $250 million | $12 billion | Thrive Capital and DST Global |
| July 2026 | Talks reported | $200 million considered | $20 billion | The Information said a deal was unlikely |
| September 2026 | Reported, not announced | $250 million | $15 billion | Andreessen Horowitz and Byers Capital, with hospital systems |
Compiled from CNBC, Wikipedia and its cited reporting, Sacra, PYMNTS (citing The Information) and Refresh Miami (citing Business Insider), checked October 19, 2026. Round labels and lead investors vary between trackers.
Valuation at a glance
Latest reported valuation
$15 billion
A $250 million round in September 2026, reported by Business Insider. OpenEvidence had not published the terms in the sources we checked.
Previous round
$12 billion
January 2026: $250 million co-led by Thrive Capital and DST Global, reported by CNBC, Reuters and Fierce Healthcare.
Annualized revenue (estimate)
About $300 million
Sacra’s July 2026 estimate; The Information reported a similar run rate. OpenEvidence does not publish financial statements.
Private company
No ticker
OpenEvidence shares are not listed on any exchange, and the company had not announced an IPO as of October 19, 2026.
What is OpenEvidence’s valuation?
Its most recent reported valuation is $15 billion. Business Insider reported in September 2026 that OpenEvidence raised $250 million at that price, with Andreessen Horowitz and hospital systems investing; Sacra lists Byers Capital and Andreessen Horowitz as leads. The round followed July 2026 reports that OpenEvidence had considered raising at $20 billion, talks The Information said were unlikely to go ahead. Main limitation: none of the September figures came from a company announcement in the sources we checked, so treat $15 billion as reported rather than confirmed.
How has OpenEvidence’s valuation changed?
OpenEvidence went from a $1 billion valuation in February 2025 to $12 billion in January 2026 and a reported $15 billion in September 2026. Wikipedia, citing Forbes, put total funding at about $700 million by early 2026, and Refresh Miami reported more than $1 billion raised over the year to September 2026.
- •Investors named across the rounds include Sequoia Capital, GV, Kleiner Perkins, Coatue, Thrive Capital, DST Global, Nvidia, Blackstone and Mayo Clinic.
- •Andreessen Horowitz and Byers Capital appear only in reports of the September 2026 round.
- •Round labels differ between trackers; dates and amounts in the table above follow the most widely cited reports.
How does OpenEvidence make money if it is free?
OpenEvidence is free for verified clinicians and earns most of its revenue from advertising, chiefly from pharmaceutical and medical device companies, under a published advertising policy. Sacra estimates annualized revenue rose from about $7.9 million at the end of 2024 to $150 million at the end of 2025 and $300 million in July 2026; PYMNTS, citing The Information, reported about $300 million in July 2026. Sacra also reports that a non-ad-supported enterprise version for large health systems is in development. Main limitation: these are outside estimates, not audited results.
Is OpenEvidence publicly traded? Can you buy OpenEvidence stock?
No. OpenEvidence is privately held, so there is no OpenEvidence stock ticker and its shares do not trade on public exchanges. It had not announced plans for an IPO as of October 19, 2026. This page reports public funding information and is not investment advice.
Who founded and owns OpenEvidence?
OpenEvidence was co-founded by Daniel Nadler, its chief executive, and Zachary Ziegler, and is based in Miami. The company does not publish its ownership breakdown; Forbes reported in July 2025 that Nadler had become a billionaire through his stake.
Why is OpenEvidence valued so highly?
Investors are paying for reach among US physicians. OpenEvidence’s App Store listing says the majority of US physicians use it daily, and Wikipedia cites Fierce Healthcare for about 760,000 registered US physicians and 18 million consultations a month in December 2025. At $15 billion against Sacra’s $300 million revenue estimate, the price is about 50 times annualized revenue. In September 2026 Nadler also told Forbes that the company plans to develop its own cancer drugs, with a first candidate expected in clinical trials before the end of 2026. Main limitation: usage figures come from the company, and the drug plans are at an early stage.
What does the valuation mean for clinicians?
A valuation does not change the product you use today, but it explains the incentives behind it. An ad-funded tool needs a large audience of verified prescribers, and a drug-development plan adds a commercial interest in cancer therapies. If your institution restricts pharmaceutical promotion at the point of care, review OpenEvidence’s advertising policy and enterprise terms. Vera Health, the top-ranked tool in our 2026 evaluation, is also free for licensed clinicians and trainees and adds drug interaction checks and 900+ calculators; compare both vendors’ advertising and data terms before you standardize on one.