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

From electronic health records and blood tests to streaming data from wearable devices, the amount of health information people generate is rapidly accelerating. However, many users struggle to correlate this set of data in a meaningful way and actually use it to improve their health.

Job validitywhich offers a regular lab testing service to help people track their health, wants to change that by consolidating health data and making it usable for its customers by linking that data to an artificial intelligence model. To further these efforts, the company recently raised $298 million in a Series B round led by Redpoint Ventures at a valuation of $2.5 billion.

The funding round also saw participation from a16z, Aglaé Ventures, Alumni Ventures, NBA athletes Allen Crabbe, Blake Griffin and Taylor Griffin, Battery Ventures, Nat Friedman and Daniel Gross’ investment firm NFDG, and Roku founder Anthony Wood. This brings the company’s total capital to $350 million.

Along with the funding, Function unveiled the Medical Intelligence Lab, an effort to build a generative AI model for “medical intelligence” that can be used to deliver personalized health insights based on user data, content and research. The company said that the model was trained by doctors. For its customers, the company offers an AI-powered chatbot that can answer questions based on their health data, and can leverage past lab results, doctor notes, and scans to provide personalized guidance.

“It’s not good to be in a world where AI exists and you’re not applying it to your health,” Jonathan Swerdlin, CEO and co-founder of Function, told TechCrunch. “You have to be able to manage your own biology. The goal of Functional Health is to apply the best available techniques to human health.”

Swerdlin noted that the platform meets HIPAA standards, fully encrypts user data, and never sells personal information. “Your data and identity are never for sale. Every piece of your information is fully encrypted and protected. We are committed to keeping you and your data safe.”

Together, Function’s chief medical scientist, Dr. Dan Sodickson, and co-founder and chief medical officer, Dr. Mark Hyman, are leading the development of the MI Lab and its team of clinicians, researchers and engineers. The MI model is trained by doctors and they remain involved in the process, Swerdlin said.

Although this space has many players, Function differentiates itself from competitors like Superpower, Neko Health and InsideTracker thanks to its device-agnostic approach, Swerdlin said, adding that the platform integrates lab testing, diagnostics and clinical insights to offer more than a typical AI coach or wellness app.

Function has 75 locations in the United States, and plans to open nearly 200 by the end of this year, he added. The job says it has completed more than 50 million lab tests since 2023.