Function Health — the platform that gives subscribers access to more than 160 different lab tests — closed a $298 million Series B funding round on Wednesday, bringing the startup’s valuation to $2.5 billion.
The Austin-based company, which launched in 2023, has now raised more than $350 million. After reaching unicorn status, Function will continue to focus on helping people live longer, healthier lives, according to CEO Jonathan Swerdlin.
“The current system focuses on acute care, and it’s miraculous for that. If you break your arm or need surgery, it’s exactly where you want to be. However, it’s missing the key data points and integrated, whole-body solutions people need to stay healthy,” he stated.
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He noted that nearly half of deaths in the U.S. result from preventable diseases, yet most healthcare data lives in silos and is generated only when something goes wrong.
People don’t want to be left in the dark about their own wellbeing — they desire ownership of their health, Swerdlin pointed out.
“And this isn’t just for biohackers or elite individuals. This is an eight-billion-person problem,” he declared.
Function helps address this problem by removing some of the barriers around lab testing.
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An annual subscription to Function’s platform costs $365. This includes access to lab tests — which cover hormones, heart health, immunity, metabolism, liver and kidney function, thyroid and nutrients. Many members also get MRI scans through Function, which start at $499, as well as heart and lungs CT scans, which start at $349.
Since Function’s launch, members have now completed more than 50 million lab tests. Each member receives an overview of their results from a clinician, a personalized plan with nutrition and lifestyle recommendations, and outreach from a clinician if anything looks concerning, Swerdin explained. All results live in the Function app, where members can download reports to share with their own clinicians.
The platform is the only one on the market to combine such a wide range of lab testing and imaging under one membership.
All data gets integrated into a single interface, which gives members a personalized view of their health and helps them make more informed decisions, Swerdlin noted.
He said Function’s new influx of capital will fuel the advancement of its AI models, which are designed to integrate research with each individual’s data for more proactive, personalized guidance.
“Over the next decade, real-world, longitudinal data will completely reshape expectations. Consumers won’t settle for reactive care — they’ll expect systems that continuously learn from their biology and alert them before problems arise,” Swerdlin stated.
Whether this model can deliver on its promise of earlier detection and prevention remains a key question as Function enters its next phase.
Photo: Lucy von Held, Getty Images