Billy Evans Launches New Diagnostics Startup Amid Controversy
Billy Evans, the partner of former Theranos CEO Elizabeth Holmes, is reportedly leading efforts to establish a new diagnostics startup named Haemanthus. According to The New York Times, the company is developing technology to analyze blood, saliva, and urine for medical diagnostics, drawing comparisons to Holmes’s infamous Theranos venture.
Haemanthus: A New Vision for Diagnostics
Haemanthus, named after a flower commonly referred to as the blood lily, is being pitched as a revolutionary approach to health testing. Marketing materials reviewed by The New York Times describe the startup as “the future of diagnostics,” with a focus on using artificial intelligence to analyze bodily fluids for health optimization. The company plans to begin testing its technology on pets before transitioning to human diagnostics.
The startup has reportedly raised $18.5 million in funding so far, including $3.5 million from friends and family. Evans is now seeking to secure an additional $50 million to further develop the technology and bring it to market.
Technology Resembling Theranos’ Edison Device
Haemanthus’s prototype device reportedly bears a striking resemblance to Theranos’ Edison machine, which was at the center of the scandal that led to Holmes’s conviction. The device uses light-detection technology to analyze samples, a concept that echoes the promises made by Theranos. However, unlike Theranos, Haemanthus is initially focusing on veterinary applications to refine its technology.
Background: The Fall of Theranos
Theranos, founded by Elizabeth Holmes in 2003, claimed to have developed groundbreaking technology capable of running multiple diagnostic tests using just a few drops of blood. The company attracted nearly $1 billion in investments from high-profile backers, including Rupert Murdoch and Larry Ellison. However, investigations revealed that the technology did not work as promised, leading to Holmes’s conviction on charges of investor fraud and conspiracy in 2022.
Holmes is currently serving an 11-year sentence at a federal prison in Bryan, Texas. Despite her incarceration, sources suggest that she has been advising Evans on his new venture.
Investor Skepticism and Regulatory Questions
While Haemanthus has managed to secure initial funding, some investors remain cautious due to the parallels with Theranos. The company is reportedly operating in stealth mode, with limited public information available about its operations and technology. Evans has stated that the company is deliberately maintaining a low profile to focus on development.
Regulatory oversight could also pose challenges for Haemanthus. According to NPR, the U.S. Department of Agriculture has indicated that the company’s proposed product does not currently fall under its jurisdiction, but this could change as the technology evolves.
Public Reaction and Media Coverage
The news of Evans’s involvement in a diagnostics startup has sparked widespread discussion, with many drawing comparisons to Theranos. Social media users have expressed skepticism and humor about the venture, questioning whether history could repeat itself. The story has also been covered extensively by major outlets, including The New York Times, NPR, and Fortune.
Despite the controversy, Haemanthus’s focus on artificial intelligence and veterinary applications could set it apart from Theranos. Whether the company can overcome the shadow of Holmes’s legacy remains to be seen.
Source: The New York Times, NPR, Fortune