A medical-focused artificial intelligence startup OpenEvidence It reportedly considered raising $200 million at a $20 billion valuation.
However, the company is unlikely to continue moving forward, in part because the fundraising will dilute the founders and shareholders, The Information I mentioned Friday (July 17), citing a source involved in the discussions.
This source added that OpenEvidence has also held acquisition talks with a large technology company in the past few months.
The company now generates about $300 million Annual revenueWhich means roughly $25 million in revenue each month, the source said. This is double what OpenEvidence brought in roughly seven months ago, when it was in talks to raise a $12 billion valuation, the report added.
According to the report, this growth could ease concerns among investors that larger AI labs, which produce competing applications, will absorb AI application startups. For example, OpenAI was launched in April ChatGPT for doctorswhich assists healthcare professionals in medical documentation and research.
The information source added that OpenEvidence is operating at a break-even point on a cash flow basis, as it invests in training its models for duties such as creating medical notes and searching for information from medical journals.
As covered here in May, powered by AI from OpenEvidence Medical search engine Used by 860,000 licensed and certified US physicians. Among the company’s latest offerings is Voice Mode, a hands-free feature that allows doctors to ask questions and get evidence-based spoken answers without touching the screen.
“When I’m in the emergency department, I’m never at a workstation when I need an actual answer,” the doctor says. Anya BelskyVice President of Clinical AI at OpenEvidence and a practicing emergency medicine physician at University of California, San Francisco and Kaiser Permanentesaid Fierce Healthcare.
Meanwhile, recent PYMNTS Intelligence research shows that so are healthcare companies Run artificial intelligence Firstly in areas where staff pressure, patient demand and operational complexity intersect.
The research examined the use of AI in financial services, insurance, healthcare, medicine, media and advertising, and found that while every sector is moving towards AI, the healthcare path is distinct, and more focused on targeted relief rather than sweeping automation.
“However, the narrower spread of health care also indicates discipline,” PYMNTS wrote. “Sector Artificial intelligence focus In areas where friction can be reduced now, then build towards a broader transformation once data and system integration improves.
