Whole-body MRI provider Function Health raises $298M, reaches $2.5B valuation
Whole-body MRI provider Function Health has raised $298 million in new funding, ballooning its valuation to $2.5 billion.
Backed by celebrities such as Matt Damon and Pedro Pascal, the Austin, Texas-based longevity firm previously expanded into imaging with the acquisition of Ezra in May. Function was founded in 2022 and offers a platform that charges users $365 annually to undergo 100-plus lab tests, empowering them to live “100 healthy years.”
Redpoint Ventures led the Series B financing round with participation from numerous others. Meanwhile, the company (which has now dropped “Health” from its name) also announced the launch of its new Medical IntelligenceLab (MI Lab) on Wednesday. Co-led by physicist and Function Chief Medical Scientist Dan Sodickson, MD, PhD, the lab brings together a “team of top clinicians, researchers and technologists.”
Function said the new endeavor focuses on leveraging AI to develop what it calls “medical intelligence”—a system designed to achieve the “deepest view of each person’s unique biology” by combining data from CT, MR and other tools.
"We've spent decades waiting until people are sick to act. Function changes that," Sodickson—who announced this week he is leaving NYU Langone Health as chief of innovation in the Department of Radiology to join Function—said in a Nov. 19 announcement. “Medical intelligence connects important signals—from blood to imaging to wearables—creating a continuously learning model of your health. It's not AI replacing doctors; it's clinical expertise amplified by intelligent systems that never stop learning."
Function said it aspires to make advanced MR and CT scans as “accessible and proactive as lab testing.” Since 2023, the company already has delivered over 50 million lab tests. It also this week announced new features for members that include “private AI chat,” which allows individuals to ask questions and receive responses based on their health data. It’s additionally providing new “protocols” that translate complex health information into “easy to understand steps members can put into practice immediately.”
Through its recent acquisition of Ezra, Function said it is now able to offer elective MRIs “powered by FDA-cleared AI that takes just 22 minutes.” The exams cost $499, Function said, “making potentially lifesaving advanced scans accessible to more people.” Its imaging offerings can detect cancers, unruptured aneurysms, endometriosis, signs of stroke and more. Meanwhile, Function also has started offering CT, promising to help members detect lung cancer, plaque in the heart and other concerns.
“All data is integrated into a single intelligent interface, giving each member a personalized view of their health and enabling powerfully informed decisions,” the company said in its announcement Wednesday. “By turning data into action, Function is redefining what it means to take control of your health.”
Along with Menlo Park, California-based VC firm Redpoint Ventures, other investors include current and former professional athletes such as Magic Johnson and Richard Sherman, along with celebrities including Kevin Hart and Zac Efron.
"Once I saw what Function can do, it felt irresponsible as a father and husband not to use it. And I had to invest," Elliot Geidt, MBA, managing director of growth at Redpoint, said in the announcement.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.