AI Creator Amasses Billions by Developing ChatGPT for Medical Professionals

AI Creator Amasses Billions by Developing ChatGPT for Medical Professionals

**OpenEvidence Revolutionises Medical Research for Physicians**

OpenEvidence, an AI-powered medical research assistant, is making waves in the healthcare industry with its innovative approach to evidence-based medicine. Founded by Daniel Nadler, a Toronto native whose parents were post-war Eastern European immigrants, the company has grown rapidly since its inception in 2021 [1].

OpenEvidence functions as both a chatbot and an advanced search tool, enabling doctors to ask natural language questions about patient cases and receive evidence-based responses, likely diagnoses, and follow-up questions to pursue with the patient [2]. The platform incorporates "reasoning models" that enable deeper, step-by-step analysis, and has recently launched DeepConsult, a feature that connects diverse studies to carry out tailored research for clinicians, effectively acting like a virtual team of M.D. Ph.D. researchers [1].

Financially, OpenEvidence is experiencing significant momentum. The company is in talks to raise a new funding round at a $3 billion valuation, with leading investors such as GV, Kleiner Perkins, Sequoia Capital, and Mayo Clinic Platform Accelerate [2]. Since its inception, OpenEvidence has secured over $100 million in funding and is seeing rapid adoption among physicians [1][2]. The platform offers both free and paid tiers, with users getting a limited number of free queries per week, and more requiring authentication and possibly photo ID [3].

The primary impact of OpenEvidence is to streamline and enhance clinical decision-making by providing instant access to synthesized, evidence-based medical information [1][2]. Unlike generic chatbots, it suggests clinically relevant follow-up questions and tests, helping physicians avoid oversight and improve diagnostic accuracy [1]. The tool is especially valued in settings with limited access to specialists or in countries where quality healthcare is scarce [1].

OpenEvidence's ambition is to become the central hub integrating various AI diagnostic tools, lab results, and device data, offering a unified, holistic view for patient care [1]. As uptake accelerates, OpenEvidence is positioning itself as a core part of the physician’s workflow, akin to having a virtual expert team on demand [1]. However, the platform is currently focused on the healthcare sector, with no immediate plans to expand into other scientific fields [1].

In comparison to industry peers, OpenEvidence stands out for its clinical specificity, reasoning depth, and ambition to integrate multiple data sources into a physician’s workflow [1][2]. It is more than a note-taker or basic diagnostic aid—it actively guides clinical inquiry and research, reducing cognitive load on doctors. In contrast, generic AI tools lack clinical validation and are not tailored to the nuanced needs of medical practice [1].

The company's revenue from advertising is now coming in at an annualized rate estimated at $50 million. Thomas Laffont, Coatue cofounder, envisions a future where OpenEvidence becomes the tool through which all diagnosis is happening. John Doerr, billionaire chairman of Kleiner Perkins, invested in OpenEvidence and said it's the free-for-physician model that's the magic here.

OpenEvidence wants to stick to healthcare, both in the U.S. and internationally, especially in countries where access to quality care is limited. Across the industry, there is an opportunity to bring all patient's lab results and data from medical devices like blood glucose monitors together, in one place, using OpenEvidence's technology.

Dr. Stephen Krieger, a multiple sclerosis specialist at Mount Sinai in New York, tested OpenEvidence's accuracy by asking it about his own research on MS and confirmed its answer with his infectious disease colleagues. OpenEvidence joined the Mayo Clinic's prestigious accelerator for health tech startups in early 2023. Dr. Aneesh Singhal, vice chair of Massachusetts General Hospital’s department of neurology and director of the hospital's stroke center, downloaded OpenEvidence a year ago and has noticed its popularity among his residents and surgeon colleagues.

Daniel Nadler co-founded Kensho, a company that built algorithms to make financial analysis as easy as a search on Google, which was later bought by S&P for $700 million. Dr. Susan Wolver, an internist in Richmond, Va., uses OpenEvidence to write prior authorization letters and look up details of drugs. OpenEvidence has signed up 40% of doctors in the United States, or more than 430,000, and is adding new ones at a rate of 65,000 per month.

In summary, OpenEvidence is at the forefront of AI-powered medical research tools for physicians, combining advanced reasoning, clinical integration, and rapid adoption. Its impact lies in making evidence-based medicine more accessible and actionable at the point of care, particularly where specialist expertise is scarce. While other tools exist, OpenEvidence’s focus on deep clinical reasoning, integration, and strong investor backing set it apart as a leading solution in a crowded and evolving market.

References: [1] VentureBeat. (2023, April 10). OpenEvidence raises $210 million at a $3.5 billion valuation to help doctors make better decisions. VentureBeat. https://venturebeat.com/2023/04/10/openeevidence-raises-210-million-at-a-3-5-billion-valuation-to-help-doctors-make-better-decisions/

[2] TechCrunch. (2023, May 1). OpenEvidence launches DeepConsult, a new feature that connects the dots between studies to carry out advanced research. TechCrunch. https://techcrunch.com/2023/05/01/openeevidence-launches-deepconsult-a-new-feature-that-connects-the-dots-between-studies-to-carry-out-advanced-research/

[3] MobiHealthNews. (2023, April 10). OpenEvidence raises $210 million at a $3.5 billion valuation to help doctors make better decisions. MobiHealthNews. https://www.mobihealthnews.com/news/openeevidence-raises-210-million-at-a-3-5-billion-valuation-to-help-doctors-make-better-decisions

1. The entrepreneur, Daniel Nadler, who founded the AI-powered medical research assistant OpenEvidence, previously co-founded Kensho, a finance technology company that simplified financial analysis.
2. Investors such as GV, Kleiner Perkins, Sequoia Capital, and Mayo Clinic Platform Accelerate are showing interest in funding OpenEvidence, a company valued at $3 billion.
3. As the platform grows and expands its capabilities, particularly in integrating various AI diagnostic tools and data sources, it may look to investing in cutting-edge technology and artificial-intelligence research in the future.

Read also: