Arbiter

About Arbiter

Arbiter is an AI-powered care orchestration platform designed to connect and unify the fragmented US healthcare system. The company emerged from stealth in November 2025 with a $52 million funding round, achieving a valuation of $400 million. The round was led by TriEdge Investments and MFO Ventures, with participation from WindRose Health Investors and other operators. Arbiter's mission is to address the significant financial waste in healthcare, estimated at nearly $1 trillion annually, which results from care coordination failures.

Founded by a team of experienced operators, investors, clinicians, and technologists from prominent companies like UnitedHealth Group, Cigna, VillageMD, One Medical, Meta, and Google, Arbiter was created to solve the system's inherent fragmentation. The co-founder and CEO, Michelle Carnahan, previously held roles at Thirty Madison, Eli Lilly, and Sanofi. The team's collective experience includes managing billions in healthcare payments and millions of patient lives, providing them with deep insight into the market's needs.

Arbiter's business model centers on its intelligent platform that integrates with existing workflows, such as EMRs, to unify clinical, financial, and policy data into a single source of truth. The company's core technology operates on a 'Record-Action-Alignment' model. It begins by creating a comprehensive longitudinal patient record, then uses AI agents to recommend and automate the next best actions, and finally aligns all stakeholders (patients, payers, and providers) by monitoring outcomes and continuously learning. This system aims to collapse the functionalities of numerous point solutions into one efficient platform.

The initial application of the platform focuses on real-time, site-of-care optimization. In partnership with a national payer and major provider networks, Arbiter matches patient referrals to the most suitable provider based on criteria like cost, quality, and availability. The platform then automates subsequent administrative tasks, including prior authorizations, patient outreach, and scheduling, to reduce delays and improve care completion rates. The company generates revenue by providing its platform to payers and providers. Its long-term vision is to evolve its AI capabilities from reactive problem-solving to proactive and predictive intelligence that can forecast disease onset and system-wide risks.