Theranos 2.0? Elizabeth Holmes’ Partner Raises Millions for New Blood Testing Startup

You’d think a multi-billion-dollar fraud scandal would scare off any copycat attempts, but nope Theranos might be getting a sequel. Billy Evans, partner of convicted Theranos founder Elizabeth Holmes and father of her two children, is reportedly raising millions for a new startup called Haemanthus—a company aiming to diagnose diseases using blood, urine, saliva, and even sweat.

Sound familiar? That’s because it is. According to The New York Times, Haemanthus is pitching investors on a diagnostic device powered by lasers and AI that can rapidly scan bodily fluids for cancer and infections—eerily reminiscent of Theranos’s now-debunked “Edison” device. The company says it’ll start by testing on pets, but the goal is to move into the human health space with a wearable version.

Despite the parallels (and the red flags), Evans has reportedly raised nearly $20 million from friends and early backers. Some of the startup’s employees previously worked with him at Luminar Technologies, and Holmes herself is allegedly advising the company from prison. Though she’s barred from serving as an officer of a public company, she can still weigh in behind the scenes at a private one.

Holmes, now two years into an 11-year prison sentence for fraud, has not publicly endorsed the startup, but she’s made no secret of her desire to return to healthcare. She told People magazine she’s writing patents from behind bars and remains “completely committed” to her dream.

Zoom out: The reaction online has been swift—and incredulous. “Theranos 2.0” trended on social media, with some calling it the Fyre Festival of biotech. While Haemanthus insists its approach is different and more transparent, the shadow of Theranos looms large. Investors might want to double-check those due diligence boxes this time.