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A journalist investigates OpenEvidence's $15B valuation after the company signaled openness to acquisition, arguing the "ChatGPT for doctors" startup is worth roughly one-third that amount based on comparable healthtech deals and its claimed $300M ARR.
- OpenEvidence claims $300M in annual recurring revenue but comparable healthtech acquisitions suggest a $500M valuation maximum; founder Daniel Nadler is seeking 30x that amount, relying on his Goldman Sachs network and investor clout to pull it off.
- Livongo's acquisition by Teladoc for $18.5B followed by a $340M writedown serves as a cautionary tale for OpenEvidence's valuation, showing how healthtech M&A can collapse post-acquisition when growth claims don't materialize.
- The author's Part 2 investigation will examine OpenEvidence's actual technology, its lack of proprietary content (publishers can pull it anytime), and accuracy issues ranging from 100% on standardized tests to 27% on real-world medical cases.