Function Health raises $298M Series B at $2.5B valuation, slashes price to $1/day and adds full-body MRI via Ezra acquisition

Summary

Function Health closed a $298M Series B at a $2.5B valuation, a round Jonathan Swartlin framed as roughly one dollar for every American adult. The raise coincides with a significant pricing reset: membership has dropped from $999 at launch to $499, and now to $365 per year ($1 per day), making Function one of the few healthcare platforms moving in a deflationary direction.

The core product is twice-yearly comprehensive lab testing across 2,200+ Quest Diagnostics locations, covering cardiovascular markers, hormones, thyroid, liver, kidney function, and cancer signals. Function argues the standard physician panel, which typically checks around 20 markers including LDL cholesterol, a metric Swartlin notes was developed in the 1950s, is clinically inadequate. He cites a recent study finding that 45% of first-time heart attack patients did not have elevated LDL, pointing instead to ApoB, Lp(a), and lipid particle size as the markers top cardiologists actually rely on.

Ezra Acquisition Adds Full-Body MRI at $499

Function acquired Ezra, an imaging company, and is integrating FDA-cleared AI that compresses MRI scan time and reduces cost. A full-body MRI through the platform is priced at $499 and is available at close to 200 locations by end of 2025. Swartlin positions this not strictly as preventive care but as baseline detection, arguing that waiting for symptoms before imaging is the structural failure of the current system. MRI at this price point and geographic scale, he contends, has no historical precedent.

Market Framing and Growth

Function claims hundreds of thousands of members, with Swartlin projecting the company is on a trajectory toward millions. The addressable market is pegged at $7 trillion, spanning the broader consumer and institutional health spending universe. The company's thesis is that health management is shifting outside the traditional physician office and insurance framework, and that AI applied to personal health data represents the highest-value use case for the technology.

The competitive differentiation Function emphasizes is recurring longitudinal data. Unlike one-time genomics tests such as those offered by 23andMe, Function's twice-yearly testing rhythm generates trend lines and velocity indicators that compound in value over time. Membership starts at functionhealth.com, with lab results available within 24 hours of a 10-to-15-minute blood draw appointment.