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A new health tech startup called Haemanthus, led by Billy Evans, partner of the infamous Theranos founder Elizabeth Holmes, is making headlines. The company is reportedly developing AI-powered diagnostic tools using light detection technology. However, Haemanthus is facing scrutiny and working hard to distance itself from the Theranos legacy.
Haemanthus, which translates to “blood flower” from Greek, has secured millions in funding, primarily from friends, family, and supporters, according to sources. The startup aims to revolutionize medical diagnostics using Raman spectroscopy, a technique with potential applications in detecting diseases like Amyotrophic Lateral Sclerosis (ALS) and certain cancers.
Concerns arose following reports suggesting Holmes was advising Evans on the startup from prison, where she is serving an 11-year sentence for defrauding investors in Theranos. In response, Haemanthus issued a public statement denying any involvement of the disgraced founder in the company’s operations.
“We’re Haemanthus. Yes, our CEO, Billy Evans, is Elizabeth Holmes’ partner. Skepticism is rational. We must clear a higher bar,” the company stated. “This is not Theranos 2.0. Theranos attempted to miniaturize existing tests. Our approach is fundamentally different.”
The company insists its focus is on using light to analyze biological fluids, detecting patterns that current tests cannot identify. Haemanthus claims this approach is “not an improvement, but a different paradigm.”
According to The New York Times, Haemanthus is developing a blood, saliva, and urine testing device marketed towards “human health optimization,” which has drawn comparisons to Holmes’s discredited Theranos machines.
The company’s mission statement says it is combining photonics and AI to “detect disease earlier and with unprecedented precision.”
Despite her ongoing incarceration and the ban on leading public companies resulting from her SEC settlement in 2018, Elizabeth Holmes has expressed her intention to re-enter the biotech sector after her release. In a recent interview, she mentioned drafting patents for new inventions during her time in prison. Holmes’ projected release date is currently set for April 2032.