At Harvard, Nadler completed his Ph.D. in economics, focusing on the impact of technology on healthcare systems. It was during this time that he realized the potential for AI to revolutionize the way medical professionals access and utilize research data. After selling his previous company for a substantial sum, Nadler set his sights on tackling the overwhelming challenge of information overload in the medical field.
OpenEvidence was born out of Nadler’s desire to make a tangible impact on the lives of doctors and patients by providing a solution to the ever-growing mountain of medical literature. By leveraging cutting-edge AI algorithms, OpenEvidence quickly sifts through millions of research papers to provide doctors with accurate, up-to-date information at their fingertips. The platform is designed to be user-friendly and efficient, allowing physicians to find answers to complex clinical questions in a matter of seconds.
The rapid adoption of OpenEvidence among doctors in the United States is a testament to the platform’s effectiveness and utility. With over 430,000 verified users and thousands more signing up each month, OpenEvidence is quickly becoming an indispensable tool for healthcare professionals across the country. The company’s revenue model, based on advertising, has proven to be successful, with annualized revenue estimated at $50 million.
The recent $210 million investment in OpenEvidence, led by GV and Kleiner Perkins, is a clear indication of the company’s potential for growth and impact in the healthcare industry. With a valuation of $3.5 billion, OpenEvidence has firmly established itself as a key player in the field of AI-driven healthcare solutions. Nadler’s vision and determination have propelled the company to success, and his willingness to bet on himself has paid off handsomely.
As OpenEvidence continues to expand its user base and enhance its platform, the future looks bright for the company and its team of dedicated professionals. By providing doctors with the tools they need to navigate the complex landscape of medical research, OpenEvidence is helping to improve patient care and outcomes across the country. With Nadler at the helm, the company is poised to revolutionize the way medical professionals access and utilize information, ushering in a new era of innovation and efficiency in the healthcare industry. Daniel Nadler is a man of many talents and achievements. After obtaining a Ph.D. in political economy and studying poetry under Pulitzer Prize-winner Jorie Graham, he went on to launch an innovative app called Sigmund that could influence a user’s dreams by speaking specific words during sleep. Additionally, he served as a visiting scholar at the Federal Reserve, where he was inspired to create his first company, Kensho.
While working on his Ph.D. and making a modest income as a grad student, Nadler teamed up with programmer Peter Kruskall to develop algorithms that would revolutionize financial analysis. This led to the creation of Kensho, which caught the attention of S&P and was eventually acquired for a staggering $700 million. Nadler’s 20% ownership stake in the company made him a wealthy man practically overnight.
In 2021, Nadler partnered with Harvard Ph.D. student Ziegler to launch OpenEvidence, a groundbreaking AI technology aimed at revolutionizing healthcare. Both founders were motivated by personal experiences with medical issues and saw an opportunity to use AI to assist doctors in making more informed decisions. Investors like Jim Breyer and Ken Moelis were quick to recognize the potential of OpenEvidence and became early supporters of the startup.
By 2023, OpenEvidence had joined the Mayo Clinic’s prestigious accelerator program, allowing the company to refine its technology using the hospital’s vast dataset. The AI-based search technology developed by OpenEvidence was quickly gaining traction in the healthcare industry, with Dr. Stephen Krieger of Mount Sinai praising its accuracy and reliability.
Despite its success, OpenEvidence still faces challenges, particularly in ensuring the accuracy of its search results. While AI can provide valuable insights, it is essential to verify the information with established medical knowledge sources to avoid errors. Dr. Travis Zack, OpenEvidence’s medical director, believes that the platform can significantly reduce errors compared to doctors relying solely on their judgment.
One of the key concerns surrounding OpenEvidence is its ad model, which allows pharmaceutical companies to promote their drugs to doctors using the platform. While this revenue stream helps keep the tool free for users, there are ethical considerations to be mindful of when promoting certain medications.
Overall, Daniel Nadler’s journey from academia to entrepreneurship showcases the potential of AI to revolutionize industries like finance and healthcare. With OpenEvidence poised to make a significant impact on the healthcare sector, Nadler’s vision and expertise continue to drive innovation in the field of artificial intelligence. OpenEvidence, a healthtech startup founded by Daniel Nadler, is revolutionizing the way healthcare professionals access and utilize medical research. Nadler’s vision for the company is to create a “fantasy flywheel,” where the product becomes better with more users, attracting even more users in a continuous cycle.
Despite the healthcare and pharma industries spending billions on advertising, OpenEvidence is taking a different approach by offering its software on a subscription basis rather than relying on ads. Nadler acknowledges that advertising can be controversial, but he sees the potential in it. The company has a significant inventory of ads available, but they are focusing on building trust with users first, much like Google did in its early days.
Dr. Aneesh Singhal, a prominent neurologist at Massachusetts General Hospital, has been using OpenEvidence and has noticed its popularity among his colleagues. The tool has proven to be invaluable in his research, providing in-depth insights and suggesting follow-up questions for patient care.
OpenEvidence’s momentum is growing rapidly, with more doctors signing up each week. Investors like Breyer are impressed by the company’s progress and are excited about its potential.
The startup is now integrating reasoning models into its platform, improving the accuracy and depth of its AI-powered research capabilities. The launch of DeepConsult allows physicians to access advanced research on specific topics, providing them with a team of experts at their fingertips.
While OpenEvidence could expand into other scientific fields, Nadler is focused on healthcare for now, aiming to improve access to quality care globally. The company’s ultimate goal is to become the central hub for medical research and diagnosis tools, bringing together a wealth of information in one place.
Investors like Thomas Laffont see OpenEvidence as a key player in the future of healthcare, potentially revolutionizing the way diagnoses are made. With its innovative approach to AI-powered research and commitment to improving healthcare outcomes, OpenEvidence is poised for continued success in the industry.
