Function Health Secures $298 Million in Series B Funding, Reaches $2.5 Billion Valuation

The volume of health data generated by individuals is growing at an incredible pace, coming from electronic health records, blood tests, and continuous streams of information from wearable devices. Despite this wealth of data, many people find it difficult to connect these different pieces in a meaningful way and actually leverage them to enhance their well-being.

Function Health aims to solve this problem by unifying health information and making it actionable for its members, linking their data with an AI model. The company, which provides regular laboratory testing to help individuals monitor their health, has recently secured $298 million in a Series B funding round. This investment was led by Redpoint Ventures and values the company at $2.5 billion.

Other participants in the funding included a16z; Aglaé Ventures; Alumni Ventures; NBA players Allen Crabbe, Blake Griffin, and Taylor Griffin; Battery Ventures; the investment firm NFDG, led by Nat Friedman and Daniel Gross; and Roku founder Anthony Wood. With this latest capital injection, the total funding raised by the company reaches $350 million.

Alongside the funding announcement, Function Health introduced its Medical Intelligence Lab. This initiative is focused on developing a generative AI model for "medical intelligence" that can deliver personalized health insights by analyzing users' data, content, and research. The company stated that the model is trained by medical doctors. For its members, Function offers an AI-powered chatbot capable of answering health-related questions. This chatbot leverages previous lab results, doctors' notes, and medical scans to provide customized guidance.

"In a world where artificial intelligence is so prevalent, it's unacceptable not to harness it for your health," Jonathan Swerdlin, CEO and co-founder of Function, explained to TechCrunch. "You deserve to be in control of your own biology. The mission of Function Health is to utilize the most advanced technology for human health."

Swerdlin emphasized that the platform is fully compliant with HIPAA standards, encrypts all user data, and has a strict policy against selling personal information. "Your data and your identity are never for sale. Every piece of your information is encrypted and safeguarded. We are dedicated to protecting you and your data."

Development of the MI Lab and its AI model is being led by Function’s chief medical scientist, Dr. Dan Sodickson, and its co-founder and chief medical officer, Dr. Mark Hyman, who oversee a team of physicians, researchers, and engineers. Swerdlin noted that doctors are responsible for training the MI model and remain actively involved throughout the process.

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According to Swerdlin, Function differentiates itself from competitors such as Superpower, Neko Health, and InsideTracker through its device-agnostic strategy. He added that the platform combines lab testing, diagnostics, and clinical analysis to deliver a service that goes beyond a standard AI health coach or wellness application.

He also mentioned that Function currently operates 75 locations across the United States, with plans to expand to nearly 200 by the end of the year. Since 2023, the company reports it has conducted over 50 million lab tests.