OpenEvidence raises $250M at a $15B valuation in round led by Byers Capital and a16z
- Raised
- $250M
- Valuation · +25% vs Series D
- $15B
- Lead investor
- Andreessen Horowitz
- Place in VP50
- #27
What happened
OpenEvidence, which Business Insider calls the "ChatGPT for doctors," raised $250 million in a funding round that values the company at $15 billion. Forbes first reported the raise on September 16, 2026, describing it as previously unreported and as having closed the prior week. Forbes said the round was led by Byers Capital and Andreessen Horowitz.
Business Insider reported on September 24, citing people familiar with the matter, that the $250 million came from hospital systems and Andreessen Horowitz. It noted that OpenEvidence raised at a $12 billion valuation in January. On September 28, founder and CEO Daniel Nadler confirmed the raise and its lead investors in an email to Becker's Hospital Review. Becker's said the January valuation followed a $250 million Series D. The sources differ slightly on the investors: Forbes and Becker's name Byers Capital and Andreessen Horowitz as leads, while Business Insider names hospital systems and Andreessen Horowitz. No company press release is cited.
Key points
- OpenEvidence raised $250M at a $15B valuation.123
- Byers Capital and Andreessen Horowitz led the round, per Forbes and Becker's.13
- Forbes first reported the raise on Sep 16, saying it closed the prior week.13
- CEO Daniel Nadler confirmed the raise and its leads to Becker's on Sep 28.3
- The previous mark was $12B in January, after a $250M Series D.23
Why it matters
The $15B valuation sits above the $12B set in January, giving holders of earlier shares a newer reference point than the Series D.
The CEO confirmed the raise and its leads, which turns an initial press report into a confirmed mark. The sources do not cite a company press release.
Business Insider, citing people familiar, reports hospital systems took part alongside Andreessen Horowitz. The company has not been quoted confirming that detail.
In context
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Series A | Feb 19, 2025 | $1.0B | $75M | Sequoia Capital |
| Series B | Jul 15, 2025 | $3.5B | $210M | Google Ventures and Kleiner Perkins |
| Series C | Oct 20, 2025 | $6.0B | $200M | GV |
| Series D | Jan 21, 2026 | $12B | $250M | DST Global and Thrive Capital |
| Funding round | Sep 2026 | $15B | $250M | Andreessen Horowitz |
Updated
Fact-check
- OpenEvidence raised $250 million at a $15 billion valuation.Confirmed by [1] Forbes, [2] Business Insider and [3] Becker's Hospital Review: each states a $250 million raise valuing the company at $15 billion. (Page returned 403 to the checker; based on the writer's extract and the research evidence.)Verified
- Byers Capital and Andreessen Horowitz led the round.Confirmed by [1] Forbes and [3] Becker's Hospital Review, which both name the two firms as leads; [3] adds that the CEO confirmed the leads. (Page returned 403 to the checker; based on the writer's extract and the research evidence.)Verified
- Forbes first reported the raise on September 16, 2026, saying it closed the prior week.Confirmed by [1] Forbes, which added the previously unreported raise in a September 16 update, and [3] Becker's, which says Forbes first reported it and described it as closed the prior week. (Page returned 403 to the checker; based on the writer's extract and the research evidence.)Verified
- The money came from hospital systems and Andreessen Horowitz.[2] Business Insider says so, citing people familiar with the matter. [1] and [3] name Byers Capital and Andreessen Horowitz as leads and do not mention hospital systems. (Page returned 403 to the checker; based on the writer's extract and the research evidence.)Partly verified
- CEO Daniel Nadler confirmed the raise and its lead investors on September 28.Confirmed by [3] Becker's Hospital Review: Nadler confirmed the raise and its lead investors in a Sept. 28 email. (Page returned 403 to the checker; based on the writer's extract and the research evidence.)Verified
- OpenEvidence was valued at $12 billion in January after a $250 million Series D.Confirmed by [2] Business Insider (January round at $12 billion) and [3] Becker's (a $12 billion valuation in January after a $250 million Series D). (Page returned 403 to the checker; based on the writer's extract and the research evidence.)Verified
Sources
- [1]Forbes (opens in a new tab)A Premier Cancer Hospital Makes Its Data Available To Doctors Nationwide Through OpenEvidencepreviously unreported $250 million raise led by Byers Capital and Andreessen Horowitz last week
- [2]Business Insider (opens in a new tab)The 'ChatGPT for doctors,' OpenEvidence, was valued at $15 billion in a new funding roundraised $250 million in investment from hospital systems and Andreessen Horowitz, valuing OpenEvidence at $15 billion
- [3]Becker's Hospital Review (opens in a new tab)OpenEvidence raises $250M at $15B valuationconfirmed the raise and its lead investors in a Sept. 28 email
