Billy Evans, the partner of Elizabeth Holmes—the founder of the now-defunct Theranos—is reportedly spearheading a new venture in the blood-testing industry. According to recent reports, Evans is actively seeking over $50 million in funding for his startup, Haemanthus, which aims to revolutionize diagnostics through innovative health testing methods.
Haemanthus: A New Approach to Diagnostics
Haemanthus, named after the blood lily, proposes a cutting-edge device that utilizes laser technology to analyze blood, saliva, and urine samples. The company’s marketing materials suggest that this device can detect conditions such as cancer and infections with high precision. Initially, Haemanthus plans to focus on veterinary applications before expanding its services to human diagnostics.
Echoes of Theranos
The parallels between Haemanthus and Theranos are striking. Theranos, founded by Holmes in 2003, claimed to have developed a device capable of conducting a wide array of tests using just a few drops of blood. This promise attracted significant investment and media attention, propelling the company to a valuation of $9 billion at its peak. However, investigations revealed that Theranos’ technology was unreliable, leading to the company’s collapse and Holmes’ conviction on multiple counts of fraud. ([en.wikipedia.org](https://en.wikipedia.org/wiki/Theranos?utm_source=openai))
Investor Caution
Given the history of Theranos, potential investors are approaching Haemanthus with caution. Jim Breyer, an early investor in Facebook, disclosed that his team was approached to invest in Haemanthus but declined. Breyer cited reasons similar to those that led him to pass on Theranos, indicating a lingering skepticism in the investment community regarding new blood-testing startups.
The Current Landscape of Blood-Testing Startups
Despite the Theranos debacle, the blood-testing industry continues to attract new entrants. Startups like Vital Biosciences have secured substantial funding, with Vital raising $48 million to develop technology capable of performing multiple lab-grade tests using minimal blood samples. This ongoing interest underscores the industry’s potential for innovation and the persistent demand for more efficient diagnostic solutions. ([axios.com](https://www.axios.com/pro/health-tech-deals/2023/07/25/vital-biosciences-raises-48m-blood-testing-theranos-shadow?utm_source=openai))
Regulatory and Ethical Considerations
The Theranos scandal has heightened regulatory scrutiny over health tech startups. Companies in this space are now expected to provide transparent, peer-reviewed data to substantiate their claims. Haemanthus will need to navigate these stringent requirements to gain credibility and trust within the medical community and among potential investors.
Conclusion
Billy Evans’ initiative with Haemanthus marks a bold step into a field still shadowed by the Theranos controversy. While the promise of innovative diagnostic tools is enticing, the startup must address the industry’s heightened demands for transparency, efficacy, and ethical practices to succeed where others have failed.
