-38%

est. 2Y upside i

HealthcareSeries D+

OpenEvidence is a next-generation AI platform transforming how healthcare professionals and organizations access and apply medical information. Built on cutting-edge large language models and deep clinical data, OpenEvidence enables faster, more reliable, and more personalized decision-making for clinicians and life sciences partners.

Rank

#4010

Sector

Healthcare AI

Est. Liquidity

~3Y

Data Quality

Data: High

OpenEvidence operates in a high-growth Healthcare AI market with a strong competitive moat, evidenced by its 430,000 registered physicians and 90% gross margins.

Last updated: March 10, 2026

Bull (20%)+70%

OpenEvidence successfully fends off incumbent threats by leveraging its exclusive content and proprietary AI models, significantly expanding its enterprise subscription offerings and data insights. This drives ARR to over $400M by 2028, justifying a $20.4B valuation at a premium multiple of 51x ARR, as the market recognizes its defensible niche and strong market penetration.

Base (35%)+10%

OpenEvidence maintains its strong physician user base but faces increased competition from major AI labs and EHR vendors, limiting its pricing power and market expansion. ARR grows steadily to approximately $250M by 2028, leading to a modest valuation increase to $13.2B, reflecting a more conservative 52.8x ARR multiple.

Bear (45%)-50%

Escalating content licensing costs and aggressive moves by incumbents like OpenAI and Microsoft-backed EHRs erode OpenEvidence's competitive advantage, leading to slower-than-expected growth and margin compression. The company struggles to diversify revenue beyond advertising, resulting in a down round or acquisition at a $6.0B valuation, significantly impacting common stock value.

Est. time to liquidity~3.0 years

Preference Stack Risk

moderate

Funding Intensity

6%

Investors hold $700M in liquidation preferences, which is 5.83% of the current $12.0B valuation.

Dilution Risk

high

As a Series D company with high capital intensity, OpenEvidence will likely require additional funding rounds, leading to further dilution for common shareholders.

Secondary Liquidity

limited

While late-stage companies sometimes offer limited secondary liquidity, there is no explicit indication of an active secondary market or tender offers for OpenEvidence employees.

Engineering — 10 roles

View all 10 open roles at OpenEvidence →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on OpenEvidence's data — designed to show you've done your homework.

  • 1

    “Given the strong competitive moat from exclusive content and proprietary AI, how is OpenEvidence strategically planning to defend against the aggressive entry of major AI labs like OpenAI and Anthropic into the healthcare space, particularly concerning their potential to offer similar capabilities or partner with EHR giants?”

  • 2

    “With an ARR of ~$150M and a TAM of $1.8B, what are the most critical initiatives OpenEvidence is pursuing to accelerate growth beyond the current 18% YoY, especially considering the exploration of enterprise subscriptions and data insights as new revenue streams?”

  • 3

    “Considering the recent Series D funding at a $12B valuation and the high capital intensity of the business, what is the anticipated timeline for a liquidity event (e.g., IPO or acquisition) for employees, and how does the company plan to manage potential future dilution for common shareholders?”

Community

Valuation Sentiment

Our model estimates -38% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.