OpenEvidence entered 2026 on an extraordinary growth arc. In January 2026, the Miami-based company closed a $250 Million Series D led by Thrive Capital and DST Global, doubling its valuation to $12 Billion, up from $6 Billion just three months earlier. The round brought total funding raised over the prior 12 months to nearly $700 Million, with backers including Sequoia Capital, Google Ventures (GV), Nvidia, Kleiner Perkins, Craft Ventures, Coatue, Blackstone, ICONIQ, Mayo Cl

This report argues that the feared "burst" of the healthcare AI bubble is not merely a cyclical downturn in venture sentiment but the mathematical inevitability of three converging forces: a regulatory cliff that imposes hardware-grade compliance costs on software startups, a maturation of financial obligations incurred during the peak of the hype cycle, and an operational "reality check" within health systems that is rapidly closing the window on the pilot-driven sales model