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OpenEvidence, valued at $425 million, is focused on tackling a major challenge in AI: the limited training of large language models. These models, like OpenAI’s ChatGPT, lack access to real-time data and are unable to provide up-to-date information. OpenEvidence aims to overcome this issue by combining language models with a continuous stream of clinical documents—a process known as “retrieval augmented generation.” By granting the AI access to the latest research before answering a question, OpenEvidence’s chatbot can provide more current and comprehensive answers. Founded by Daniel Nadler, who previously sold his AI company Kensho Technologies for $550 million, OpenEvidence is targeting the healthcare sector and aims to compete with the established database UpToDate. The startup has already raised $32 million in funding, attracted over 10,000 clinicians for early access, and sifts through more than 35 million journal articles. It plans to offer a hybrid revenue model combining ads and subscriptions. However, OpenEvidence will not serve as a chatbot for general patients due to regulatory and ethical considerations.
