Exclusive: Twin Health, metabolic health startup, raises $53 million Series E at $950 million valuation

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Allie Garfinkle is a senior finance

Lyle Wallace has a twin, but not the kind you might

Wallace—a pastor in Texas, warm and with a flowing Southern drawl—was diagnosed with diabetes in early 2023, with an A1C of 7 and a prescription for Metformin. A few months in, Wallace decided he didn’t want to rely on drugs alone, taking on a digital twin, a virtual rendering of his body built

“When you incorporate a sense of control and allow things to be used in the proper design, that’s when flourishing comes,” said Wallace. “Sugar tastes really good, but if all I eat is pecan pies—which I’d love to do—it’s going to affect my health. Seeing that has made a difference. Now, as I’ve been able to heal, the slice of pecan pie is in its proper place and isn’t affecting my health in a detrimental way. [Twin] has helped bring in a sense of discipline and self-control that didn’t feel forced.”

For Wallace, the results were expeditious. In 90 days, he said, his A1C dropped to 5.1, and he was off Metformin. In a few months, he lost 70 pounds. Wallace’s story is striking, especially in the U.S., where some estimates suggest nearly 50 million people live with diabetes today.

“Diabetes doesn’t occur

Mohammed—who previously founded and sold Jasper Technologies to Cisco for $1.4 billion—founded Twin Health in 2018, and this week has been a milestone for the company. The company yesterday, with the Cleveland Clinic, published the results of a study in the New England Journal of Medicine Catalyst that showed that 71% of study participants using the digital twin lowered their A1C and were frequently able to stop using medications. And today, the company is revealing that it raised a $53 million Series E led

“I think right now they’ve reached a number of very important technological and commercial milestones, especially with the latest blue-chip health plans and larger corporates signing up to Twin Health,” said Jannick Mortensen, partner at Maj Invest. “We’re reaching a scaling or inflection point, where we simply just need to scale commercially across more employers, health plans, and patients.”

That isn’t to say this is an easy problem to solve. Twin’s Dr. Lisa Shah, chief medical officer, says she’s seen more doctors willing to engage with emerging technologies today, than five years ago. But treating diabetes isn’t just a doctor’s office endeavor—it’s an everyday endeavor. 

“Biology is only half the problem, it’s also behavior,” said Mohammed. “Behavior causes biology. It’s what we put in our body, how we move, how we rest, how we breathe, the thoughts that run in our head. We have to correct the behavior to correct the biology. The only way to solve this problem is with biology and behavior simultaneously. It’s a simultaneous problem, not a sequential problem to solve.” 

I’ve always found metabolism mysterious, and it turns out that’s not an accident. It is, in part, scientific fact. 

“Human metabolism is actually one of the most complicated systems in the world,” said Twin’s Dr. Shah. “I always joke with my members: How many of you have heard that your metabolism slows down as you get older? Everyone. But what I teach people is that it’s like a car engine. When you drive that car off the lot, the engine gets older every day from there. But if you take that engine, give it TLC, you can increase the lifespan of that engine.” 

Of course, over time, we change: We get desk jobs, we can’t eat heaps of pasta with the ease we had at 16, and our hormones change. As our bodies wear down, our metabolism evolves in ways we never planned for. Our lives evolve in ways we never planned for, and don’t always understand. And, in part, health is the intersection of science, data, everyday practices—and recognizing what we don’t know and can’t know. Having faith, which it seemed like it was worth asking a pastor about. 

“I’ve learned there’s a spiritual component to this,” said Wallace. “We have a physical nature, and we have an immaterial nature—soul and spirit, housed in this physical nature. And God has designed us to flourish… There’s something spiritual about being a good steward of my physical health, allowing me to be more present to help my congregation. It’s allowing me to be more present for other people, and to be more available.”

Term Sheet Podcast, Episode 4 is out and I’m especially excited about this one: Guillermo Rauch, founder and CEO of Vercel, is already an Internet legend. G is one of the most important voices right now at the heart of the vibe coding movement—shaping how we think about democratization, design, and the future of building on the web. Tune in here.

See you tomorrow,

Allie GarfinkleX: : alexandra.garfinkle.comSubmit a deal for the Term Sheet newsletter here.

Joey Abrams curated the deals section of today’s newsletter. Subscribe here.

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