Lyle Wallace has a twin, but not the kind you might picture.
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 by startup Twin Health. For more than two years, that twin has been linked to his glucose monitor and activity tracker—at Wallace’s side, through grocery stores, church events, and in his yard with his kids. He says that, without a doubt, the technology has helped him reframe how he thinks about his diabetes.
“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 by itself,” said Jahangir Mohammed, founder and CEO of Twin Health. “It occurs as a cluster of diseases—it’s diabetes, hypertension, bad cholesterol, fatty liver, chronic kidney disease. These things happen together, and when not addressed, they show up as heart failure, kidney failure and Alzheimer’s… These are the most prevalent diseases, globally affecting over two billion people. In the U.S., we spend one trillion dollars and still see 1.5 million premature deaths. It turns out there’s one root cause—dysfunctional metabolism. Can you imagine, the world’s largest problem has one root cause and we haven’t solved it?”
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 by Maj Invest of Denmark, Fortune has exclusively learned. This brings Twin’s valuation to more than $950 million, and existing investors Iconiq and Temasek also participated in this round. Twin’s model involves partnering with employers and health plans, including Benjamin Moore, HCSC (Health Care Service Corporation), Heritage Group Health Program, Invitation Homes, Bayview, and Medline.
“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 Garfinkle
X: @agarfinks
Email: alexandra.garfinkle@fortune.com
Submit a deal for the Term Sheet newsletter here.
Joey Abrams curated the deals section of today’s newsletter. Subscribe here.
Venture Deals
- Overhaul, an Austin, Texas-based supply chain risk and intelligence company, raised $105 million in Series C funding. Springcoast Partners led the round and was joined by Edison Partners.
- TinyFish, a Palo Alto, Calif.-based web infrastructure company, raised $47 million in funding. ICONIQ led the round and was joined by USVP, Mango Capital, MongoDB Ventures, ASG, and Sandberg Bernthal Venture Partners.
- Loft Dynamics, a Santa Monica, Calif.-based developer of virtual reality flight training technology, raised $24 million in Series B funding. The Friedkin Group led the round and was joined by Alaska Airlines, Sky Dayton, Craft Ventures, and UP.Partners.
- Develop Health, a Menlo Park, Calif.-based benefits‑verification and prior‑authorization platform, raised $14.3 million in Series A funding. Wing Venture Capital led the round and was joined by Afore Capital, J Ventures, and South Park Commons.
- Phoebe, a London, U.K.-based developer of agentic AI software designed to diagnose issues in live data and prevent them, raised $17 million in seed funding. Google Ventures and Cherry Ventures led the round.
- Firecrawl, a San Francisco-based AI crawler, raised $14.5 million in Series A funding. Nexus Venture Partners led the round and was joined by Y Combinator and others.
- Garage, a New York City-based online emergency vehicle and surplus equipment marketplace, raised $13.5 million in Series A funding. Infinity Ventures led the round and was joined by Y Combinator, Initialized Capital, Benchstrength, Wayfinder Ventures, and FJ Labs.
- Definite, a Wilmington, Del.-based full-stack AI-native data platform, raised $10 million in seed funding. Costanoa led the round and was joined by Acrew Capital and angel investors.
- Convoke, a South San Francisco-based AI-powered operating system for drug development, raised $8.6 million in seed funding. Kleiner Perkins and Dimension Capital led the round and were joined by ACME, Comma Capital, Liquid2, Not Boring Capital, Audacious, Lux Capital, and angel investors.
- Legion, a New York City-based crypto fundraising platform, raised $5 million in seed funding. VanEck and Brevan Howard Digital led the round and were joined by Kraken, Coinbase Ventures, GSR, Crypto.com Capital, cyber•Fund, Bitscale Capital, Blockchain Builders Fund, and Systemic.
Private Equity
- FTV Capital led a minority investment into Highway, a Dallas, Texas-based technology platform for carrier identity and compliance logistics. Financial terms were not disclosed.
- Riata Capital Group recapitalized COEO Solutions, a Downers Grove, Ill.-based provider of managed network and cloud collaboration services. Financial terms were not disclosed.
- Sequoia Financial Group agreed to acquire The Martin Worley Group, a Cottonwood Heights, Utah-based wealth manager. Financial terms were not disclosed.
Other
- Lowe’s Companies agreed to acquire Foundation Building Materials, a Santa Ana, Calif.-based distributor of interior building products, for $8.8 billion.
