Blood testing startup Function Health has announced its acquisition of Ezra, a company specializing in full-body MRI scans, and introduced a new 22-minute scan priced at $499. This new offering complements Function’s existing subscription model, which provides members with over 160 blood tests for $499 annually. The integration of Ezra’s scanning technology into Function’s platform aims to provide users with a more comprehensive health assessment, combining blood tests and MRI scans to offer a fuller picture of their health. Jonathan Swerdlin, the CEO and co-founder of Function, emphasized the synergy between the two technologies, noting that while blood tests cover what scans cannot, scans provide insights that blood tests may miss.
Ezra, which was founded in 2018, previously offered its full-body MRI scans for $1,495, and its services have become more popular following celebrity endorsements. The scans are designed to detect conditions such as cancer, and the company partners with imaging facilities in more than 70 locations across the U.S. Despite the rise in popularity, full-body MRI screenings have garnered mixed reviews from medical professionals, with concerns about their high cost and potential for unnecessary care. Ezra’s main competitor, Prenuvo, has also made strides in the market, recently raising $120 million to expand its offerings, including a new blood test designed to assess a range of health conditions.
Ezra had raised $44 million in funding, while Function has raised $53 million as of June 2024. Function is reportedly seeking over $200 million in new capital, with an estimated valuation of around $2 billion. The decision to acquire Ezra came after a year of discussions between Swerdlin and Emi Gal, the CEO and founder of Ezra. Gal expressed excitement over the acquisition, noting it was the right move after initial thoughts about forming a commercial partnership. The new 22-minute scan, which leverages AI technology approved by the U.S. Food and Drug Administration, brings the cost of full-body scans down to $499, making them more accessible. The AI technology, combined with Function’s financial resources, has made it possible to reduce both the scan time and price.
Function has not disclosed the exact number of members subscribed to its platform but claims it serves hundreds of thousands. The acquisition of Ezra and the new scan are seen as natural steps in the company’s growth, with Function aiming to make comprehensive health screenings more affordable and accessible to a broader audience.
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