Backed by Operators, Built with Conviction

By Dr. Eric Moskow and Simcha Hyman

CEO, MFO Ventures - CEO TriEdge Investments 

Co-Founders and Board Members, Arbiter 

With contribution from our Board and partners across WindRose, TPG, Summit Partners, and other leading PE firms

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Healthcare doesn't suffer from a shortage of ideas. It suffers from a shortage of people who actually understand how the system works - and what it takes to change it.

Every week brings another AI startup promising transformation. Yet the gap between promise and impact continues to widen because the bottleneck isn't technical capability. It's operational reality: fragmented incentives, antiquated workflows, and the day-to-day pressures inside provider groups, health plans, and regulatory agencies. 

As Everett Neville, EVP of Strategy at Cigna and Arbiter Board member, notes: "Every other pitch deck now has 'AI' on slide one. But AI doesn't solve healthcare's problems - understanding the system does. The companies that win will be the ones where the leaders have actually sat in these chairs, fought these battles, and know which problems are worth solving.”

That's why we built Arbiter with those who already operate the system, not outsiders looking in.

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Why Operator-Backed Companies Are Different

Solving structural challenges of healthcare requires more than great engineers and capital. It requires people who understand where the friction actually lies, what solutions are practical on the ground, and which ideas will translate into measurable impact.

Arbiter’s funding comes from operators and clinicians who have built, scaled, and run healthcare businesses across the full continuum of care. Our job as investors is not only to provide capital, but to ensure the builders are working on the right problems with the right insight.

As Jonathan Coslet, Board Chair of Stanford Children's Hospital and former Senior Partner & Chief Investment Officer of TPG, puts it: "Most AI companies build for an idealized version of healthcare. Operators build for the messy reality - and that's where real value is created."

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The Cap Table as Competitive Advantage

Building the right solutions is only half the equation. You must prove them inside real workflows - and then scale beyond. That’s where Arbiter’s cap table becomes a distribution engine.

As backers, we collectively own or operate provider organizations, specialty groups, health plans, pharmacy services, MSOs, and manage tens of billions in healthcare payments. This gives Arbiter direct access to the environments it is designed to serve. The team can test, refine, and validate inside actual operations - then enter the broader market with proof points that drive adoption. 

And when board members and investors have run the types of organizations you're selling into, you're not pitching to strangers - you're solving problems for peers who've lived the same pain points. 

Darren Black, a leading healthcare investor and a Managing Director of Summit Partners, frames it this way: "Capital matters, but context and access shape outcomes. Companies supported by experienced operators start with deeper insight, stronger networks, and a clearer path to where real decisions - and budgets - get set.”

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Patient Capital, Then Scale Capital

This isn’t a critique of traditional venture capital - it’s a sequencing strategy. Operator capital ensures you build the right foundation. Venture capital, when the time is right, helps you scale it. These approaches are complementary, not competitive.

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Why We Backed Arbiter

We backed Arbiter because it is building the infrastructure healthcare has been missing: an intelligent platform that links clinical, financial, and policy data into a longitudinal patient record, then uses AI to automate next best actions and keep stakeholders in sync. The team understands not just the technical opportunity, but the operational choreography required to make change stick.

We believe the next era of healthcare AI will be won by companies that know which problems matter, build solutions grounded in lived experience, validate those solutions inside real portfolios, and then scale them with clarity and focus. 

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Backed by operators. Built with conviction.

This is the model we believe in. It's the model Arbiter represents. And it's the model we intend to build the future of healthcare with.

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