Billy Evans, the partner of Theranos founder Elizabeth Holmes, is currently in the process of raising money for his own startup. It’s a blood-testing company.
According to reports from NPR and The New York Times, both of which spoke with anonymous sources close to the venture, 33-year-old Evans has already raised several million dollars for a new “stealth” startup focusing on diagnostics and health testing.
Prior to this news, Evans first came into the public eye back in 2018 when he began dating Holmes, who is currently serving out an 11-year federal prison sentence for committing fraud through her infamous blood-testing company Theranos.
Over the weekend, Evans’s startup Haemanthus spoke out on X to reassure investors and potential future customers that it’s not “Theranos 2.0.” The company has no apparent contact information, and the direct messages on its X account are closed. Fast Company was unable to reach the company for further comment.
Here’s everything we know about the company so far.
What is Haemanthus?
Based on information provided to NPR, Haemanthus is a diagnostics company that’s planning to build a tool that can scan biological material like blood, sweat, and urine to identify potential diseases. The name “Haemanthus” itself appears to be an allusion to a flower of the same name, colloquially termed the “blood lily.”
To many readers, that whole premise might sound strikingly similar to the story behind Theranos, which promised to dole out accurate diagnoses using a single drop of blood, before it ultimately started falling apart. However, Haemanthus took to X this Sunday to clarify that its tech is not an extension of Theranos.
The post starts by acknowledging Evans’s relationship with Holmes and adding that “Skepticism is rational,” before categorically denying any connection to Holmes’s failed blood-testing company.
“This is not Theranos 2.0,” the post reads. “Theranos attempted to miniaturize existing tests. Our approach is fundamentally different. We use light to read the complete molecular story in biological fluids, seeing patterns current tests can’t detect. Not an improvement. A different paradigm.”
What kind of tech is the company developing?
Sources told NPR that Haemanthus is currently in the early stages of “using light detection technology that can essentially guide AI sensors to conduct medical tests.”
The company is specifically focusing on Raman spectroscopy, a form of chemical analysis that’s been used to diagnose amyotrophic lateral sclerosis (ALS) and some forms of cancer. Based on a notice published in late January, the company has already received a patent for its Raman spectroscopy system.
A photo provided to potential investors and obtained by The New York Times reportedly indicates that Haemanthus plans to build a small rectangular device to contain the tech, which will include a door and a digital display screen. Sources told the publication that Haemanthus plans to roll out its tech for veterinary purposes first, before ultimately developing a stamp-size, wearable device for humans.
This trajectory was confirmed in part in Haemanthus’s X thread.
“We’re starting with veterinary medicine. 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,” the post reads.
Who is working for the company?
Sources told both NPR and The New York Times that the startup currently has between 10 and 12 employees, most of whom worked with Evans previously at the lidar tech company Luminar Technologies. Haemanthus reportedly told investors that it had around two dozen advisers, including veterinarians and diagnosticians, though specific names were not provided.
How much money has been raised?
So far, The New York Times reported, the company has raised $3.5 million through family and friends and is currently seeking another $15 million from investors in the Austin and Say Francisco Bay areas. Materials reviewed by the publication reportedly suggest that the company has an ultimate goal of raising more than $50 million.
Is Elizabeth Holmes involved?
In February, Holmes told People magazine that she plans to return to her career in healthcare technology after her release, and that she’s continuing to write patents for new inventions while serving her sentence.
And in its exclusive initial coverage of Haemanthus, NPR cited sources who claimed that Holmes has been providing advice to Evans on his new venture from behind bars. On X, however, Haemanthus strongly refuted that claim.
“Setting the record straight,” the company wrote. “Elizabeth Holmes has zero involvement in Haemanthus. We’ve learned from her company’s mistakes, but she has no role, now or future. NYT and NPR implied otherwise. We’ve stayed quiet to build real tech, not conceal. Demonstrating, not promising.”