Analysis
OpenEvidence, the Miami-based clinical search platform used by physicians, has raised a new $250 million round led by hospital systems and Andreessen Horowitz, according to Refresh Miami. The round adds to a financing pace that has made OpenEvidence one of the fastest-scaling AI-health startups of the past year.
The Miami-based startup's rapid growth adds to the region's run of raises tracked in our South Florida funding tracker, reinforcing Miami's position as more than a satellite office market for AI-health and fintech startups.
A Fast, Unusual Capital Stack
This is OpenEvidence's third disclosed round in under a year. Pulse has tracked OpenEvidence through the run:
- Series C, Oct 2025 -- led by Google Ventures.
- Series D, Jan 2026 -- led by Thrive Capital and DST Global.
- This round, Sep 2026 -- led by hospital systems and Andreessen Horowitz.
Total disclosed funding is now roughly $700 million against an investor base that also includes Blackstone's Tech Hub, Bond, Coatue and Craft Ventures.
OpenEvidence competes for physician mindshare with tools like UpToDate (owned by Wolters Kluwer) and a growing field of AI clinical-search products, but its edge has been positioning itself as a free, ad-supported layer physicians use at the point of care rather than a subscription research tool. Hospital systems investing directly -- rather than just licensing the product -- can accelerate institutional adoption, but it also means some investors are simultaneously evaluating OpenEvidence as a customer, a dynamic that deserves more scrutiny than a standard financial round.
However, none of these rounds disclose a post-money valuation for this specific raise, leaving the actual repricing difficult to verify independently. The round does land in a stretch where AI-health and biotech financing broadly has been unusually active, with several other health names raising or pricing within days of each other:
- ADARx Pharmaceuticals -- $535.3M total haul, including its Nasdaq IPO pricing and a concurrent AbbVie private placement: San Diego biotech developing RNA-editing and siRNA therapeutics.
- Teal Health -- $22M Series A: San Francisco startup building an at-home HPV cervical cancer screening device.
- Precision Neuroscience -- $250M Series D backed by Bill Ackman's Pershing Square: brain-computer interface maker (covered elsewhere in this issue).
That clustering suggests investor appetite for health-adjacent AI remains strong even as some pure AI-infrastructure valuations draw more skepticism.