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

From electronic health records and lab reports to streams of data coming from wearables, people are generating more health information than ever before. Yet most individuals still struggle to bring all that information together in a meaningful way—or to use it to make better decisions about their health.

Function Health, a company that offers recurring lab testing to help users track their bodies over time, wants to solve that problem by consolidating this data and connecting it to an AI system that can interpret it. To support that mission, the startup has raised $298 million in a Series B round led by Redpoint Ventures, valuing the company at $2.5 billion.

The round included participation from a16z, Aglaé Ventures, Alumni Ventures, NBA players Allen Crabbe, Blake Griffin, and Taylor Griffin, Battery Ventures, Nat Friedman and Daniel Gross’ investment firm NFDG, and Roku founder Anthony Wood. The raise brings Function Health’s total funding to $350 million.

Alongside the new investment, Function introduces the Medical Intelligence Lab, an initiative to develop a generative AI “medical intelligence” model that delivers personalised insights using a user’s health data, medical content, and relevant research. According to the company, the model is trained directly by physicians. Customers will gain access to an AI assistant that can answer questions using their lab results, doctor notes, and imaging reports to provide individualised guidance.

“It is not good enough to be in a world where AI exists and not be applying it to your health,” CEO and co-founder Jonathan Swerdlin told TechCrunch. “You should be able to manage your biology. Function’s goal is to apply the best technology available to human health.”

Swerdlin stressed that the platform is HIPAA compliant, fully encrypts all user information, and never sells personal data. “Your data and your identity are never for sale. Every bit of your information is fully encrypted and protected. We are committed to keeping you, and your data, safe,” he said.

Function’s chief medical scientist, Dr Dan Sodickson, and co-founder/chief medical officer, Dr Mark Hy, are leading the development of MI Lab and working with a team of doctors, researchers, and engineers. Swerdlin said physicians remain closely involved in training the model.

Although the broader space includes companies like Superpower, Neko Health, and InsideTracker, Swerdlin believes Function stands apart because it is device-agnostic and combines lab testing, diagnostics, and clinical expertise — rather than functioning only as an AI coach or wellness companion.

Function currently operates 75 locations in the U.S. and expects to expand to nearly 200 sites by the end of the year. Since 2023, the company says it has completed more than 50 million lab tests.