Billy Evans, the partner of convicted Theranos founder Elizabeth Holmes, is reportedly launching a new company focused on “human health optimization” through blood testing. According to The New York Times, the blood testing startup is named Haemanthus, and its pitch has sparked comparisons to Theranos due to its ambitious medical claims and diagnostic technology.
Haemanthus is seeking to raise over $50 million to fund its operations. Investors familiar with the pitch say the company has developed a machine that uses laser technology to analyze small samples of blood, saliva, and urine. The device aims to detect illnesses such as cancer and infections, with the initial focus on pet health diagnostics before expanding to human testing.
A Familiar Pitch That Echoes Theranos
The Haemanthus blood testing startup has drawn immediate comparisons to Theranos due to its bold claims and similar goals. Theranos, founded by Holmes in 2003, promised to revolutionize blood testing by conducting hundreds of medical tests using just a few drops of blood. That dream crumbled when it was revealed the technology didn’t work, leading to Holmes’ conviction for defrauding investors.
In 2022, Holmes was sentenced to 11 years in prison. Despite the scandal, she remains publicly optimistic, recently stating in an interview that she is still “completely committed to my dream of making affordable healthcare solutions available to everyone.”
Evans, who shares two children with Holmes, appears to be trying to revive that vision through Haemanthus. While the company’s technology and direction are new, the concept of transforming healthcare through rapid, non-invasive diagnostics remains central.
Laser Diagnostics and Pet Health as Entry Point
Haemanthus claims its proprietary machine uses lasers to analyze bodily fluids. The aim is to detect diseases early and affordably, initially focusing on pets before transitioning to human applications. According to materials viewed by The New York Times, the technology is designed to identify biomarkers of disease through optical scanning, avoiding traditional invasive blood work.
While the concept has appeal, experts remain cautious. One investor described the pitch as “eerily similar” to the narrative Theranos used in its early fundraising stages. The Haemanthus blood testing startup is betting that starting with pet health will be a safer and less regulated entry point into the diagnostics market, helping the company build credibility before shifting to human applications.
Not everyone is buying into the Haemanthus vision. Jim Breyer, an early Facebook investor, told The Times his team was approached to invest in Haemanthus but declined. “We passed for many of the same reasons we passed twice on Theranos,” he said, signaling lingering doubts about both the people and the product involved.
Given Holmes’ notoriety and the lingering mistrust around blood testing startups, Haemanthus faces an uphill battle when it comes to gaining investor confidence. While Evans is reportedly the one leading Haemanthus, his close association with Holmes raises red flags for some in the startup and medical communities.
Despite this, the startup has reportedly made progress in securing meetings with potential backers. It remains unclear how far along the company is in terms of clinical validation or regulatory approvals.
What’s Next for Haemanthus?
The medical technology space is ripe for innovation, especially in diagnostics, but the Haemanthus blood testing startup will need to navigate a challenging landscape shaped by Theranos’ legacy. While using lasers for non-invasive diagnostics might sound futuristic, experts emphasize the importance of peer-reviewed studies, regulatory compliance, and transparent operations—areas where Theranos notoriously failed.
Haemanthus may try to differentiate itself by starting with veterinary applications, but ultimately, if the company plans to expand to human health, it must meet rigorous standards set by agencies like the FDA.
For now, the startup’s pitch remains under scrutiny. As the company continues its funding efforts, it will be watched closely—not just for its technology, but for how it handles trust, science, and transparency in a post-Theranos era.
