Two years ago today, we formally launched Arbital Health. The origin of the company dates to the summer of 2023 when Travis May and I met in Palo Alto. As we took a long walk, we found ourselves focused on a key question: why hasn’t value-based care succeeded at scale, despite 20+ years of effort, desire, and critical need?
Answering that question—and solving that problem—became our obsession. The complexity of risk-based contracts, the data fragmentation, and the lack of transparency in settlement made it clear: the market wasn’t failing due to an absence of vision, but due to missing infrastructure.
Arbital Health was founded on October 17, 2023 to build that critical infrastructure.
Our mission is to accelerate the shift to value-based care by delivering the neutral platform that allows all stakeholders to manage, measure, and adjudicate outcomes-based contracts with clarity and trust.
Unlocking the market required a dual approach.
- Technical infrastructure to ingest, enhance, and optimize fragmented data.
- Actuarial depth to map those data to contract terms, measure real time performance, and ultimately adjudicate the outcomes fairly.
In January 2024, we formally launched Arbital Health with the announcement of our Series A financing and the acquisition of Santa Barbara Actuaries (SBA), an industry leader for its pioneering work on risk-based contract design, measurement, and adjudication. While conducting an acquisition so early in our lifecycle was certainly non-traditional, it gave us a flying start – client revenue, industry relationships, and the actuarial IP to develop the Arbital Health Platform.
Since then, we’ve been focused on building:
- A best-in-class team across software, technology, healthcare, and actuarial expertise.
- A high performance AI-powered platform, now live with multiple clients and supporting millions of patient lives and hundreds of contract adjudications.
- A hybrid services-to-platform model that uses actuarial services to accelerate margin expansion and platform adoption.
Our momentum is clear—and accelerating:
- 100% year-over-year revenue growth in 2025
- 500% year-over-year Platform ARR growth in 2025
- 50+ current clients
- 1M+ patient lives now represented on the Arbital Platform
- 270 VBC contract adjudications completed on the Arbital Platform (100 in Q3 2025 alone).
- 25 value-based care actuaries (likely the largest such team in the industry)
- $31M Series B financing from Valtruis, Transformation Capital, Shaper Capital, and Healthy Ventures.
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What differentiates Arbital today is our dual pillars—expertise from the industry’s leading value-based actuaries combined with a robust AI-powered platform. We believe that both are necessary to create the winner-takes-all infrastructure for risk-based contracting. As we do so, and with the network we are building around risk contracting, we are aiming to become the neutral adjudicator for all risk-based contracts.
And we’re just getting started. Earlier this week we announced the launch of Merlin AI within the Arbital Platform: the first intelligent value-based care AI assistant for risk contracting. Merlin AI introduces a new way to work with complex risk contracts through an experience that is interactive, transparent, and immediately actionable. By reshaping how teams understand and respond to contract performance data, Merlin helps ensure that value-based care contracts align financial incentives with better patient outcomes.
After founding and exiting two prior healthcare data startups, I wasn’t looking to jump back in lightly. I had three criteria: (i) work with the very best people; (ii) solve a large and complex data problem; iii) drive systemic change in healthcare.
Arbital Health checks all of those important boxes for me—and for the amazing team that has joined me in this journey.
We are building the critical infrastructure layer that can finally scale value-based care—aligning financial results to better patient outcomes in a durable, measurable way. We believe the market is ready, the pain is acute, and the opportunity is immense. If you want to join the ride, we are hiring across our commercial, engineering, and actuarial teams.
What an amazing first two years—and I am excited for many more to come.
With gratitude,
Brian Overstreet
CEO & Co-Founder, Arbital Health
