Rivals specialise in one layer of preventive testing; Function is betting the bundle wins outright.
The preventive health and longevity testing category has split into two clear strategies this year, and the funding data shows both are being rewarded, just not the middle ground between them.
Bundlers versus specialists
Function Health reached a $2.5B valuation in November 2025 after raising $298M, then closed a further $450M from General Catalyst. It combines labs, imaging, at-home draws and supplement guidance into one membership.
Rivals specialise instead: Prenuvo has leaned entirely on whole-body MRI, generating roughly $250M in annual revenue off $192M raised; Superpower raised $30M at a $300M-plus valuation using partner labs rather than owning testing infrastructure; Neko Health, co-founded by Spotify's Daniel Ek, closed a $700M Series C at nearly $7B in July 2026 to build its own scanning hardware ahead of a US launch.
Neko reports that three out of four returning members who had a serious condition flagged are now healthy or have that condition under control, and that five of seven key biomarkers tracked improved significantly between a member's first and second scan, real outcomes data behind a company still operating on a cash-pay model at roughly £299 per visit, with no insurance option yet.
A genuine strategy fork, not a spectrum
Function Health alone represents 46.2% of all capital raised across 21 biomarker-testing companies over the past year.
This is a real strategy fork for founders in the category: bundle everything into one membership, or own a single layer, imaging, labs, or software, better than anyone else. Both approaches are getting funded at scale this year.
A company trying to do a bit of both, without fully committing to either, is the position least likely to attract a comparable check, echoing the same barbell pattern showing up in digital health funding more broadly this half, discussed in the first article of this issue.
The direct collision coming
Watch Neko Health's US launch land directly against Function's bundled model, since both are now targeting the same subscription-paying customer with opposite theses about what that customer actually wants: one all-in-one membership, or one thing done exceptionally well.
Whichever company wins that specific comparison is likely to set the playbook the rest of the category follows for the next funding cycle, and Quest and Labcorp's potential move into sensor-based screening, should either bring lab and insurance scale to the category, would change the competitive picture again.
