Function Health raises $298M Series B at $2.5B valuation

From electronic health records and lab tests to data generated by wearable devices, the volume of personal health information is growing rapidly — yet many people still struggle to connect this data meaningfully to improve their health. Function Health aims to change that by consolidating health data and using AI to make it actionable for users. The company, which provides regular lab testing services to help people track their health, recently raised $298 million in Series B funding led by Redpoint Ventures, valuing the company at $2.5 billion. The round also included participation from a16z, Aglaé Ventures, Alumni Ventures, NBA athletes Allen Crabbe, Blake Griffin, and Taylor Griffin, Battery Ventures, NFDG (founded by Nat Friedman and Daniel Gross), and Roku founder Anthony Wood, bringing Function’s total funding to $350 million.

Alongside the funding, Function introduced the Medical Intelligence Lab (MI Lab), a generative AI initiative designed to create a “medical intelligence” model capable of providing personalized insights using users’ health data, content, and research. The model is trained and supervised by doctors, and customers can access it through an AI chatbot that draws on their lab results, doctor’s notes, and scans to deliver tailored guidance.

CEO and co-founder Jonathan Swerdlin emphasized the company’s mission to make cutting-edge AI directly applicable to personal health, stating, “You should be able to manage your biology. The objective of Function Health is to apply the best available technology to human health.” He added that the platform meets HIPAA standards, encrypts all user data, and never sells personal information, ensuring both privacy and security.

Leading the development of MI Lab are Dr. Dan Sodickson, Function’s chief medical scientist, and Dr. Mark Hyman, co-founder and chief medical officer. Together with a team of physicians, researchers, and engineers, they are building a model that integrates medical expertise at every stage. Swerdlin noted that Function stands apart from competitors such as Superpower, Neko Health, and InsideTracker because it takes a device-agnostic approach, combining diagnostics, lab testing, and clinical insights for a holistic view of health—far beyond the capabilities of typical wellness apps.

Function’s services continue to expand rapidly, with Function Scans, its advanced MRI screening offering for early disease detection, now available at 130 locations and expected to reach 200 by the end of 2025. Members can complete lab tests at 2,000 Quest Diagnostics sites, and since 2023, the company has processed over 50 million lab tests, underscoring its growing impact in personalized, AI-enabled healthcare.