Elizabeth Holmes’ Partner Raises Millions for New Biotech Startup
Billy Evans, the partner of Theranos founder Elizabeth Holmes, has secured millions of dollars in funding for his new artificial intelligence startup, Haemanthus, according to sources familiar with the venture. The company, whose name is Greek for “blood flower,” is developing a product that could be used in medical testing and other settings.
Holmes, currently serving an 11-year prison sentence for misleading investors about Theranos’ blood-testing technology, is advising Evans on the startup. The precise nature of her involvement is unclear. Haemanthus is still in its early stages, with about a dozen team members, some of whom previously worked with Evans at Luminar Technologies, a company that develops sensors for autonomous vehicles.
The startup is focusing on a technology called Raman spectroscopy, which has shown promise in diagnosing conditions such as ALS and certain forms of cancer. Haemanthus aims to make this technology more affordable and commercially available for patient use. The company’s patented light detection tool can analyze various biological samples, including blood, sweat, urine, and saliva.
Evans has primarily raised funds from friends, family, and supporters. Haemanthus has emphasized that its work should not be overshadowed by its connection to Holmes, stating on social media, “This is not Theranos 2.0.” The company is adopting a “build first, talk later” approach, preferring to let its science speak for itself.
Holmes’ involvement with Haemanthus comes as she continues to serve her prison sentence. Despite her fraud conviction and a decade-long ban from serving as an officer or director of any public company, Holmes has expressed her intention to return to the biotech industry upon her release. She has reportedly been writing patents for new inventions while incarcerated.
A federal appeals court recently upheld Holmes’ conviction, highlighting the ongoing legal challenges she faces. Nonetheless, her connection to Haemanthus demonstrates her continued influence in the biotech sector, even from prison.
