AI startup known as ‘ChatGPT for doctors’ doubles valuation to $12B in latest funding round

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Here are the key points from the article, summarized in an unordered list:

Funding Success: OpenEvidence, an AI tool for doctors, secured a round of $250 million financing led by Thrive Capital and DST, doubling its valuation to $12 billion.
Valuation Increase: Since February with an initial $75 million round from Sequoia at a $1 billion valuation, OpenEvidence’s valuation has skyrocketed to $12 billion by October.
Founding Team: Founded by billionaire Daniel Nadler and Zachary Ziegler, OpenEvidence has secured over $700 million in investments from tech giants and the Mayo Clinic.
Specialized Training: The tool is specifically designed for doctors, trained on specialized medical content such as the New England Journal of Medicine.
Adoption and Partnership: More than 50% of physicians utilize OpenEvidence, with Nadler claiming they have a unique advantage through partnerships and real-world clinical consultation data.
Revenue Growth: The company reported over $100 million in annualized revenue last year, relying on advertising for its primary income stream.
Market Positioning: Unlike AI competitors, OpenEvidence focuses on establishing strong relationships with small medical practices and aims to remain independent, without aggressive expansion models.
Future Aspirations: Nadler is contemplating an IPO, waiting for larger tech companies to go public first, emphasizing a methodical approach to the company’s growth and corporate strategy.

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