Twin Health
An AI "digital twin" for type 2 diabetes and obesity, paid by employers and health plans only when members hit health goals. Valued above $950M in 2025, and quietly raised $59M more in 2026.
Fortune, Aug 21, 2025; SEC Form D, Sep 2026- Valuation
- $950M+ at the August 2025 Series E, up from $740M after the 2021 Series C.
- Raised
- About $348M our sum: $186M through 2021, then $50M (2023), $53M (2025) and $59M sold in 2026.
- Watch
- A quiet $59M raise a Form D filed Sep 2026 shows $59.0M of stock sold to 9 investors since June 29, 2026. No announcement, no valuation.
- Revenue
- Paid on outcomes clients pay only when members hit goals like lower A1C, weight loss or dropping medications. No revenue figure published.
- AI
- The product is AI a model of each member built from a glucose monitor, smart scale, activity tracker and labs, plus a chat assistant and a clinician copilot.
- Liquidity
- None reported no staff tender offer or secondary sale found. Job posts offer equity participation.
- Hiring
- 29 → 29 remote listings since Oct 10.
Paid when members get healthier.
Twin sells to employers and health plans, not to patients. Each member gets sensors, a care team (coaches, nurses, nurse practitioners, physicians) and an AI model of their metabolism. Twin says clients pay only when members reach clinical milestones such as A1C reduction, weight loss or stopping medications, and nothing if they do not. It does not publish prices or a revenue split.
Twin Health, Aug 21, 2025; May 21, 2026- 1A randomized trial in a major journalA Cleveland Clinic-led trial of 150 adults, published in NEJM Catalyst, found 71% of Twin patients reached A1C below 6.5% on metformin only, versus 2.4% on usual care (Twin's summary).Twin Health, Aug 20, 2025
- 2It takes the risk on resultsClients pay only when members hit clinical goals. Twin reports 90%+ member retention and under 1% voluntary churn.Twin Health, Aug 21, 2025
- 3A pitch employers want: fewer GLP-1 billsTwin says 85% of trial participants stopped GLP-1s, and markets a stewardship model that tapers the drugs when data show a member is ready.Twin Health, May 21, 2026
- Hims & Hers$6.46Blisted, Oct 30 close
- Virta Health$2.00Bprivate, Apr 19
- Teladoc Health$1.55Blisted, Oct 30 close
- Twin Health$950MSeries E, Aug 21
Private values are the last reported round; they can be stale. Listed values are market value. Bars start at zero.
Every round, and what its terms give away.
Twin Health is private, so there is no share price. What its investors paid, and on what terms, is the closest thing to one.
- $950M
- latest valuation, Series E Aug 21
- $348M
- raised in all
Not disclosed. Form D filings decline to state a revenue range.
SEC Form D, Sep 2026; our sum of sourced roundsPost-money valuations as reported. The line starts at zero. Rounds without a reported valuation are left off.
- Jun 29Unannounced equity (Form D)$59MLed by Not disclosedDate is the first sale. $59.0M sold of $61.5M offered, to 9 investors. No press release found.SEC Form D, signed Sep 15, 2026
- Aug 21Series E$53M at $950MLed by Maj Invest. About 6% of the company, if all new sharesValuation reported as more than $950M; pre or post not stated. ICONIQ and Temasek joined. Form D shows first sale May 7, 2025.Fortune, Aug 21, 2025; SEC Form D, May 2025
- Dec 13Series D$50MLed by TemasekNew lead; Peak XV, Sofina, ICONIQ Growth and Helena returned. Valuation not disclosed.MarketScreener / S&P Capital IQ, Dec 12, 2023; pharmaphorum
- Oct 6Series C$140M at $740MLed by ICONIQ Growth. About 19% of the company, if all new sharesSequoia Capital India, Perceptive, Corner, LTS, Helena and Sofina joined. Form D/A shows $154.8M sold to 33 investors.MarketScreener / S&P Capital IQ; SEC Form D/A, Dec 2021
- Down round or flat round?The 2025 Series E (over $950M) was about 28% above the 2021 Series C ($740M). The 2026 raise has no reported price, so it cannot be compared.Fortune, Aug 2025; SEC Form D, Sep 2026Open
- How much of the company the last priced round soldAbout 5.6%: $53M at over $950M in the Series E. The share sold in 2026 is unknown.Fortune, Aug 21, 2025Clear
- Time since the last raiseAbout four months. The latest Form D shows a first sale on June 29, 2026, with $2.5M still unsold.SEC Form D, signed Sep 15, 2026Clear
- Structured or unusual termsNone reported for any round. A Form D does not show liquidation preferences, and the 2026 terms were never announced.SEC EDGAR filing list, checked Nov 3, 2026Open
- Who led the last roundThe Series E had a new outside lead, Maj Invest. The 2026 Form D lists 9 investors but names none.SEC Form D, Sep 2026; Fortune, Aug 2025Open
- Tender offers or secondary sales for staffNone reported. Searched company releases and press; no tender date or price found.Twin Health releases, checked Nov 3, 2026Open
- Layoffs in the last 12 monthsNo layoff found in news searches. The board had 42 open roles on Nov 3, 2026.Greenhouse board twinhealth, checked Nov 3, 2026Clear
Clear: checked, nothing found. Flag: found, with the source. Open: could not be checked.
No filing reported
What the record says, and what we think it means.
The fact is the source's. The read, in italics, is ours.
- 01Watch
A $59M raise nobody announced.
SEC Form D, signed Sep 15, 2026A Form D signed Sep 15, 2026 shows $59.0M of equity sold to 9 investors from June 29, 2026, out of $61.5M offered.
Quiet rounds can be insider top-ups or a price the company would rather not publish. Ask the recruiter what price the 2026 shares sold at.
- 02Neutral
Head office now in Menlo Park.
SEC Form D, Sep 2026; Form D, May 2025The 2026 Form D lists 4200 Bohannon Drive, Menlo Park, CA. The 2025 filing and press releases through May 2026 used Mountain View.
A routine move, but some listings still show the old city.
- 03Good
Coaches are W-2 employees, not 1099s.
Twin Health job post, checked Nov 3, 2026Health coach posts say the job is a W-2, employee-model role with a fixed schedule, and is not a fit for those wanting contract-style autonomy. Posted pay is $70,000 for US health coaches.
Steadier than gig coaching, but expect back-to-back 15 and 30 minute video sessions and some evening shifts.
- 04Watch
Clinicians need a California license.
Twin Health job posts, checked Nov 3, 2026The telehealth physician post is full time and requires an active CA license, with multi-state or compact licenses preferred; posted pay $220,000 to $240,000. PA and NP posts also require CA licenses and list fixed Pacific-time shifts.
Remote, but tied to state licensure and set shifts. Clinicians without a CA license are unlikely to qualify.
- 05Neutral
A former Cleveland Clinic CEO sits on the board.
Twin Health board page; Twin Health, Aug 2025Twin lists Toby Cosgrove, former Cleveland Clinic CEO and now its executive advisor, as a director. Cleveland Clinic led the trial behind Twin's main outcome claims.
Not a sign of anything wrong, and the trial was randomized and peer reviewed. Worth knowing when weighing the headline results.
- 06Neutral
Outcome claims are mostly its own.
Twin Health release via BioSpace, Oct 3, 2025Twin says the Validation Institute certified that it beats legacy digital health programs, and claims $8,000+ in yearly savings per member, rising to $9,000+ in 2026 releases.
The validator is paid-review style, not a regulator. The randomized trial is the stronger evidence.
- 07Good
Pushing into Medicare Advantage.
Twin Health job post, checked Nov 3, 2026Twin is hiring a Director of Medicare Advantage Strategy and a Principal PM for Medicare Advantage to build an offering for health plan partners.
Medicare Advantage plans are a far bigger pool of diabetic members than employers. Winning them would widen the business.
- 08Watch
Fake interviews use its name.
Twin Health job post, checked Nov 3, 2026Every job post warns of fraudulent interview requests. Twin says it uses only twinhealth.com email, never text interviews, and never asks for financial details.
Check any recruiter contact before replying.
- 09Neutral
A second business in India.
Greenhouse board twinhealth, checked Nov 3, 2026The board lists coaches, counselors and sales staff in Chennai, Bangalore, Delhi and Mumbai, including a contract sales role.
US roles are separate from the India operation, which sells more directly to patients.
Product is paid 15% over market. Engineering, 7% under.
We save every company's roles, pay by team and level, AI share and churn every day, so each month this page can say more. Sparklines use their own scale.
Can AI agents do business with Twin Health?
We checked the agent payment programs, developer docs and site rules an AI assistant would meet.
Not built for outside agents. No MCP server, API docs or llms.txt; a blank robots.txt leaves its site open to AI crawlers.
Still Remote read- Not foundAn MCP server or public API agents can callNo MCP endpoint at /.well-known/mcp.json (404), and developer, docs and api subdomains do not resolve. Care runs inside its own app.checked Nov 3, 2026
- Not foundSite files AI tools can readtwinhealth.com redirects to usa.twinhealth.com, where /llms.txt and /llms-full.txt return 404. The India site has none either.checked Nov 3, 2026
- YesLets AI crawlers read its siteusa.twinhealth.com/robots.txt is an empty file, so no bots are blocked. The India site's robots.txt allows all.checked Nov 3, 2026
- YesIts own AI agent for membersJob posts describe Ask Your Twin, a chat assistant moving toward AI available throughout the app.Twin Health job post, checked Nov 3, 2026
- YesAn AI copilot for its care teamAsk Your Agent helps clinicians see what is happening with a member and act, per a product job post.Twin Health job post, checked Nov 3, 2026
Where Twin Health puts AI to work.
- 1A Core AI team builds agentsStaff AI engineer posts describe a Core AI team building conversational agents and deep learning models, with evaluation frameworks and CI/CD for model behavior. Posted pay $250,000 to $265,000.Twin Health job post, checked Nov 3, 2026
- 2AI plus people, not instead of themCare runs on AI with a coach, nurse and provider team. Coaches carry standardized caseloads and tools that Twin says evolve quickly as it scales.Twin Health job post, checked Nov 3, 2026
More listings than on Sep 15, led by clinical.
What has to be true for $950 million to hold?
Twin Health does not publish revenue, so the starting number is your assumption, not ours. A way to think, not a forecast, and not investment advice.
At 25x, Twin Health needs $38 million of revenue to be worth $950 million. Your world gets there with $74 million, so the next round likely prices above the last.
$100,000 of equity valued at the $950M Series E price would be worth about $196,000 on paper in this world, before dilution from new rounds, taxes and vesting. Private shares only turn into cash at a sale, an IPO or a tender offer.
A way to think, not a forecast, and not investment advice.
Fortune, Aug 21, 2025; SEC Form D, Sep 2026The signals, and which way they push.
- TailwindEmployers want off the GLP-1 bill.
Twin built a stewardship product around tapering GLP-1s, and Medline's benefits head endorsed it in the launch release.
- TailwindPeer-reviewed proof is rare here.
A randomized trial in NEJM Catalyst found 8.6% weight loss for Twin patients versus 4.6% on usual care.
- TailwindStill hiring for growth.
42 open roles on Nov 3, 2026, across health plan sales, Medicare Advantage, AI and clinical care.
- HeadwindBigger rivals, one already public.
Omada listed on Nasdaq in June 2025 and Virta was valued at $2B in 2021. Both sell diabetes care to the same employers.
Where Twin Health ends up, if we had to bet.
Our calls, not facts. Each one is tied to something that already happened, so you can judge the reasoning.
- 1
Twin lists on a US exchange by 2031.
Long shot 16%IPOIt is valued near $1B with no published revenue, and its 2026 raise was private and quiet. Omada's 2025 listing shows the path exists for this kind of company.
SEC Form D, Sep 2026; Omada, Jun 2025 - 2
Twin is bought by a health plan, pharmacy benefit manager or larger digital health firm by 2031.
Coin flip 50%M&AIts outcomes-based model and trial data suit a buyer that pays for diabetes care. Venture backers since 2020 will want an exit.
Fortune, Aug 2025 - 3
Medicare Advantage plans become a major source of members.
Likely 72%RevenueIt is hiring a Medicare Advantage strategy director and product lead. Plans in that market carry many older diabetic members.
Twin Health job post, Nov 2026 - 4
AI agents handle most routine member check-ins, with fewer coaches per member.
Likely 72%AIIt is building Ask Your Twin across the app and a copilot for clinicians. Coach caseloads are already standardized.
Twin Health job posts, Nov 2026 - 5
Cheaper GLP-1 drugs weaken the case for paying Twin to taper them.
Coin flip 50%CompetitionTwin's sales pitch leans on GLP-1 savings of $9,000+ per member. If drug prices fall, that savings math shrinks.
Twin Health, May 2026
Read by the Still Remote research agent on November 3, 2026 from the sources linked on this page. Facts and scenarios only, not investment advice.