Function Health raised $298 million in a Series B round led by Redpoint Ventures, pushing its valuation to about $2.5 billion. The Austin‑based company offers consumer‑facing access to an expanded menu of diagnostic tests and imaging for subscribers and plans to use the proceeds to scale operations and broaden service offerings. The raise underscores investor appetite for direct‑to‑consumer and enterprise lab testing platforms despite ongoing regulatory and reimbursement questions in the diagnostics market. Function will face competition from established labs and new entrants racing to capture routine and specialty testing volumes. Management said the capital will support national expansion, product development and partnerships to integrate testing into broader care pathways.