Austin-based preventive-health platform Function Health said on July 30, 2026 that it has closed $450 million in growth financing from General Catalyst's Customer Value Fund (CVF). The non-dilutive round pushes Function's lifetime funding above $800 million and follows a $298 million Series B at a $2.5 billion valuation led by Redpoint Ventures in November 2025.
Diagnostics as a wedge
Function now has more than 500,000 members and has completed over 100 million lab tests since launching to the public in 2023. The membership bundles more than 160 biomarker tests, physician-reviewed results, and personalized insights, with optional add-ons including Ezra full-body MRI scans and GRAIL's Galleri multi-cancer detection blood test. The company said the CVF capital will accelerate customer acquisition and support the integration of its Q2 2026 buys — Getlabs' nationwide at-home phlebotomy network and SuppCo's supplement intelligence platform.
An AI copilot on top of biomarkers
Function's data flywheel is starting to matter more than the labs themselves. Its Medical Intelligence Lab, a HIPAA-scoped generative-AI copilot launched in November 2025, now connects to third-party assistants including ChatGPT Health, Anthropic's Claude, Microsoft Copilot, and Perplexity Health. That positioning has aligned neatly with the broader push at Anthropic and OpenAI into consumer health workflows, and gives Function a defensible position as the biomarker layer beneath the chatbots.
General Catalyst's customer-value bet
General Catalyst's Customer Value Fund provides non-dilutive capital that companies deploy directly against customer acquisition, with returns tied to the resulting revenue rather than equity. The fund has previously backed digital-health players like Ro and Livongo alumni. Function CEO Jonathan Swerdlin said the capital will accelerate the company's vision of "making preventative health accessible to billions," positioning it to outpace copycat platforms emerging in Europe and Asia-Pacific as personalized diagnostics goes mainstream.
Reporting based on coverage from PR Newswire, Fitt Insider, TechCrunch, and MobiHealthNews.