Billy Evans, the partner of imprisoned Theranos founder Elizabeth Holmes, is raising millions of dollars for a new health-tech startup that's already drawing comparisons to Holmes' failed venture.
His company, called Haemanthus, says it is creating AI-powered diagnostic tools that use light to analyze blood, saliva, and urine samples. Despite the similarities to Theranos, Evans is adamant that the comparison stops there.
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“This Is Not Theranos 2.0”
"We're Haemanthus. Yes, our CEO, Billy Evans, is Elizabeth Holmes' partner. Skepticism is rational. We must clear a higher bar," the company said in a statement on X, directly addressing public concerns. "This is not Theranos 2.0. Theranos attempted to miniaturize existing tests. Our approach is fundamentally different."
The company says it uses photonics and AI to detect disease earlier and more accurately.
In follow-up posts, Haemanthus continued: “The science, when ready, will stand on its own merits. But we feel compelled to introduce ourselves because of recent media coverage.”
“Setting the record straight. Elizabeth Holmes has zero involvement in Haemanthus. We’ve learned from her company’s mistakes, but she has no role, now or future.”
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Science and Strategy
Haemanthus, named after the blood lily flower, was incorporated in February 2024 and is still in early development. It reportedly raised around $3.5 million from friends and family and is seeking up to $50 million more. According to the New York Times, some high-profile investors have already passed on the opportunity, while others have committed close to investing.
The company builds on Raman spectroscopy, which it calls “a proven technique with decades of research.” Haemanthus says it's using the method to scan biological samples on a molecular level using lasers, paired with deep learning models to detect cancer, Parkinson's, and other diseases.
"We’re making lab technology accessible through modern lasers and AI," the company said. "Think mainframe-to-PC transformation. Faster. Smaller. Accessible."
Theranos Echoes Linger
Evans, an heir to a hotel fortune, lives in Austin, Texas, with Holmes and their two children. He has not publicly acknowledged Holmes' involvement, but media reports speculate she may be advising him from prison, where she is serving an 11-year sentence for defrauding investors.
Haemanthus' materials do not mention Holmes, and the company insists she has “zero involvement.” Holmes, meanwhile, told People magazine earlier this year that she plans to return to biotech after her release in 2032.
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The startup's prototype resembles Theranos' miniLab, according to The Times, which accessed the marketing materials. It has a digital display and internal lasers. It plans to begin by testing pets before expanding to humans. The company told investors its long-term goal is to develop a stamp-sized wearable version of the device for people.
Haemanthus claims it is not subject to regulatory oversight for its veterinary diagnostics, citing a redacted U.S. Department of Agriculture document. However, a USDA spokesperson told The Times the agency does regulate veterinary diagnostics and could not confirm the company's claim.
Much of the Haemanthus team comes from Luminar, a self-driving tech company where Evans previously worked. “Our co-founders have decades of experience in photonics, medicine, and AI. Our technical team scaled Luminar’s laser systems to production,” the company wrote.
“We've Learned From Her Company's Mistakes”
Haemanthus remains in stealth mode, and Evans has been vague about specifics. "When you're in stealth, you're trying to be in stealth. They aren't going to find anything associated with the name Haemanthus," he told the Times.
Still, the company is leaning into the scrutiny. "We've learned from her company's mistakes, but she has no role, now or future," Haemanthus said.
As for why the company is starting with animals, Haemanthus said, "Not because it's easier, but because it's practical and meaningful. It validates our technology, helps animals who can't describe symptoms, and builds the foundation for human applications."
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