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There is no specific similar MapBasic function as it's part of the Raster SDK.
You can however automate this process either through a .NET call or by using Python.
The Raster SDK is documented through a help file and a number of samples that can be found in this folder in your MapInfo Pro installation folder: Raster\Documentation\API
The sample file MapInfo.RasterEngine.Analysis.Samples.cs has a couple of examples on how to use the GetPointCellValues method
I have shared a tool on Github, mbMapInfoRasterTool, that shows how you can call the Raster SDK from MapBasic via a C# assembly.