OpenEvidence, maker of a popular chatbot that helps doctors search clinical evidence, on Wednesday announced $250 million in new funding.

The new round led by Thrive Capital and DST Global values OpenEvidence at $12 billion, and the company has announced $735 million in funding in the last 12 months. OpenEvidence is free to use by any clinician with a national provider identifier number. The company’s primary business model is advertising shown to clinicians. 

Founded in 2022, OpenEvidence is one of the most prominent and best-funded companies from a wave of health artificial intelligence companies that emerged since the widespread availability of large language models. Reflecting on the eye-popping fundraising for health AI, a Silicon Valley Bank report released earlier in January raised an eyebrow at the ability of companies like OpenEvidence to deliver on their stratospheric valuations with advertising and software-as-a-service business models. “It won’t be a surprise to see them tap the value of the data they’re already collecting” to offer more services to pharma or other customers, the authors wrote.

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