---
title: "OpenEvidence revenue and valuation"
description: "OpenEvidence's revenue is estimated at $240M–$390M, last reported at $150M. Valued at $15B after raising $1.03B. Funding rounds and competitors."
url: https://www.tryspecter.com/revenue-valuation/openevidence.md
canonical_url: https://www.tryspecter.com/revenue-valuation/openevidence
publisher: Specter
last_updated: 2026-11-01
---

# OpenEvidence revenue and valuation

Specter estimates OpenEvidence's annual revenue at $240M to $390M and its valuation at $12.5B to $18B. The company last reported $150M revenue in December 2025 and was priced at $15B in September 2026.

OpenEvidence provides clinicians conversational, evidence‑based AI search and literature syntheses.

- Estimated revenue: $240M to $390M (October 2026)
- Estimated valuation: $12.5B to $18B (October 2026)
- Last reported revenue: $150M (December 2025)
- Total funding: $1.03B
- Founded: 2021
- Headquarters: Miami, United States
- Employees: 146
- Sector: Health AI
- Specter Rank: #9,812

## OpenEvidence revenue

OpenEvidence last reported $150M revenue in December 2025. Specter's model puts current revenue between $240M and $390M, anchored to two reported figures.

| Reported figure | Date | Source |
| --- | --- | --- |
| $150M revenue | December 2025 | [OpenEvidence raising $250M at $12B.](https://x.com/ArfurRock/status/1999618200024076620) (x.com) |
| $50M ARR | October 2025 | [Medical search engine startup OpenEvidence closes $200M investment led by GV](https://siliconangle.com/2025/10/20/medical-search-engine-startup-openevidence-closes-200m-investment-led-gv/) (siliconangle.com) |

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $300M | $240M | $390M |
| September 2026 | $300M | $240M | $380M |
| August 2026 | $290M | $240M | $350M |
| July 2026 | $300M | $250M | $360M |
| June 2026 | $270M | $210M | $350M |
| May 2026 | $250M | $193M | $310M |
| April 2026 | $220M | $177M | $280M |
| March 2026 | $200M | $160M | $250M |
| February 2026 | $183M | $147M | $230M |
| January 2026 | $166M | $135M | $200M |
| December 2025 | $150M | $125M | $180M |
| November 2025 | $87M | $71M | $106M |
| October 2025 | $50M | $42M | $60M |
| September 2025 | $24M | $17M | $31M |
| August 2025 | $20M | $13M | $27M |
| July 2025 | $17M | $12M | $23M |
| June 2025 | $12M | $7.2M | $16M |
| May 2025 | $13M | $7.4M | $19M |
| April 2025 | $11M | $7.3M | $14M |
| March 2025 | $11M | $7M | $14M |
| February 2025 | $11M | $6.7M | $14M |
| January 2025 | $6.6M | $3.3M | $9.9M |
| December 2024 | $4.7M | $3.1M | $6.3M |
| November 2024 | $5.1M | $3.7M | $6.5M |
| October 2024 | $4.3M | $2.5M | $6.1M |
| September 2024 | $2.8M | $1.9M | $3.7M |
| August 2024 | $3.7M | $1.4M | $6.1M |
| July 2024 | $2.2M | $1.1M | $3.4M |
| June 2024 | $2.2M | $1M | $3.3M |

## OpenEvidence valuation

OpenEvidence's valuation rose from $425M at its Seed in July 2022 to $15B at its Series E in September 2026. Specter's live estimate sits between $12.5B and $18B.

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $15B | $12.5B | $18B |
| September 2026 | $15B | $12.5B | $18B |
| August 2026 | $14.4B | $10.6B | $19.8B |
| July 2026 | $13.9B | $10.3B | $18.9B |
| June 2026 | $13.4B | $10.2B | $17.7B |
| May 2026 | $12.9B | $10.1B | $16.6B |
| April 2026 | $12.4B | $10B | $15.4B |
| March 2026 | $12B | $9.98B | $14.4B |
| February 2026 | $12B | $9.83B | $14.6B |
| January 2026 | $12B | $9.98B | $14.4B |
| December 2025 | $12B | $9.98B | $14.4B |
| November 2025 | $3B | $2.5B | $3.61B |
| October 2025 | $6B | $4.99B | $7.21B |
| September 2025 | $3.5B | $2.91B | $4.21B |
| August 2025 | $3.5B | $2.91B | $4.21B |
| July 2025 | $3.5B | $2.91B | $4.21B |
| June 2025 | $2.72B | $1.99B | $3.73B |
| May 2025 | $2.12B | $1.6B | $2.82B |
| April 2025 | $1.65B | $1.29B | $2.11B |
| March 2025 | $1.28B | $1.04B | $1.59B |
| February 2025 | $1B | $830M | $1.2B |
| January 2025 | $970M | $450M | $2.1B |
| December 2024 | $950M | $490M | $1.83B |
| November 2024 | $920M | $460M | $1.85B |
| October 2024 | $900M | $480M | $1.67B |
| September 2024 | $870M | $460M | $1.65B |
| August 2024 | $850M | $470M | $1.54B |
| July 2024 | $820M | $520M | $1.3B |
| June 2024 | $800M | $510M | $1.27B |

| Reported valuation | Month | Source |
| --- | --- | --- |
| $15B | October 2026 | [elespanol.com](https://www.elespanol.com/invertia/disruptores-americas/20261031/empresas-miami-acaparan-inversion-florida-resisten-salidas-bolsa/1003744433892_0.html) |
| $15B | September 2026 | Funding round |
| $12B | March 2026 | [fortune.com](https://fortune.com/2026/03/17/12-billion-ai-startup-founder-future-tech-giants-operate-fewer-than-100-employees/) |
| $12B | January 2026 | Funding round |
| $12B | December 2025 | [theinformation.com](https://www.theinformation.com/articles/chatgpt-doctors-startup-doubles-valuation-12-billion-revenue-surges) |
| $3B | November 2025 | [business-review.eu](https://business-review.eu/br-exclusive/br-analysis-ai-spearheads-startup-valuations-as-unicorn-pipeline-slows-291438) |
| $6B | October 2025 | Funding round |
| $3.5B | September 2025 | [x.com](https://x.com/_AlbertAlan/status/1965539254840557816) |
| $3.5B | August 2025 | [forbes.pl](https://www.forbes.pl/technologie/przelom-w-medycynie-jak-openevidence-pomaga-lekarzom-w-codziennej-pracy/rp6vvl4) |
| $3.5B | July 2025 | Funding round |
| $1B | February 2025 | Funding round |
| $425M | July 2022 | Funding round |

## OpenEvidence funding rounds

| Date | Round | Raised | Post-money | Lead investors |
| --- | --- | --- | --- | --- |
| 16 Sep 2026 | Series E | $250M | $15B | Byers Capital, Andreessen Horowitz |
| 5 Mar 2026 | Secondary | Undisclosed | Undisclosed | Undisclosed |
| 21 Jan 2026 | Series D | $250M | $12B | DST Global, Thrive Capital |
| 20 Oct 2025 | Series C | $200M | $6B | Google Ventures |
| 17 Jul 2025 | Secondary | $15.6M | Undisclosed | Undisclosed |
| 15 Jul 2025 | Series B | $210M | $3.5B | Kleiner Perkins, Google Ventures |
| 19 Feb 2025 | Series A | $75M | $1B | Sequoia Capital |
| 27 Jul 2022 | Seed | $27M | $425M | Undisclosed |
| 1 Nov 2021 | Seed | $5M | Undisclosed | Daniel Nadler |

## OpenEvidence vs competitors

The medical intelligence market is shifting from static repositories to conversational AI synthesis.

| Company | Estimated revenue | Estimated valuation |
| --- | --- | --- |
| OpenEvidence | $240M–$390M | $12.5B–$18B |
| UpToDate (uptodate.com) | $47M–$230M | No estimate |
| ClinicalKey Now (clinicalkey.com) | $600K–$1.3M | $2.2B–$13B |
| PulseLife (pulselife.com) | $3.1M–$9.4M | $4.6M–$28M |
| Vera Health (verahealth.ai) | $3.9M–$15M | $195M–$230M |

## Questions

### What is OpenEvidence's revenue?

Specter estimates OpenEvidence's annual revenue at $240M to $390M as of October 2026. OpenEvidence last reported $150M revenue in December 2025.

### What is OpenEvidence's valuation?

OpenEvidence's latest post-money valuation is $15B, from a September 2026 Series E. Specter's live estimate is $12.5B to $18B.

### What is OpenEvidence's revenue multiple?

OpenEvidence is valued at about 100× revenue, based on its $15B September 2026 valuation and $150M last reported revenue. That works out to roughly $1.03M of revenue per employee.

### How much funding has OpenEvidence raised?

$1.03B across nine rounds, from a $5M Seed in November 2021 to a $250M Series E in September 2026.

### Who invested in OpenEvidence?

31 investors, including Andreessen Horowitz, Byers Capital, DST Global, Google Ventures, Kleiner Perkins and Thrive Capital.

### Who are OpenEvidence's competitors?

UpToDate, ClinicalKey Now, PulseLife and Vera Health. Specter ranks 29 competitors for OpenEvidence.

## About this data

Specter models revenue and valuation monthly and anchors each estimate to reported figures and priced rounds. Method: https://www.tryspecter.com/revenue-valuation

Cite as: Specter. "OpenEvidence revenue and valuation." tryspecter.com/revenue-valuation/openevidence. Updated November 2026.