This ability was added to the Bind markup extension after v1607 (Redstone 1).
You can specify a function path, as well as arg paths and constant args. Let's assume we have a function defined in our backcode:
public string Translate(string text, string from, string to)
Now we can use bind to evaluate the function into the element we want:
<TextBlock Name="SomeText" Text="How are you?" />
<TextBlock Name="{x:Bind Translate(SomeText.Text, 'en', 'es')}" />
Function and arg paths can contain dots and casts as well.