The Story of Billy Evans and ‘Theranos 2.0’

The development of advanced, potentially less regulated home diagnostic tools poses new challenges for healthcare oversight.

Billy Evans, former partner of Theranos founder Elizabeth Holmes, has founded a new company named Haemanthus, which aims to develop home-based diagnostic testing machines using Raman Spectroscopy. This technology utilizes lasers to analyze biological samples, a departure from Theranos's miniaturization approach. Despite assurances that Holmes is not involved, Evans has appeared in a documentary agreeing with the characterization of his venture as 'Theranos 2.0.' Haemanthus has reportedly secured up to $20 million in funding, with an initial patent granted in January 2025. The company has stated its intention to initially focus on veterinary diseases to circumvent regulatory oversight, though the USDA has confirmed it possesses such authority. Haemanthus operates in stealth mode, with limited public information available, and aims to eventually develop a wearable device within three years and $70 million.

Billy Evans's venture, Haemanthus, leverages advanced Raman Spectroscopy, a scientifically grounded technique, differentiating it from Theranos's more speculative miniaturization. The involvement of legitimate engineers and consultants, as suggested by a UC Irvine professor, indicates a more robust technical foundation. However, the company's stated goal of avoiding regulatory oversight by initially targeting veterinary diagnostics is a significant point of contention, as regulatory bodies like the USDA have confirmed oversight in this area. This strategic maneuver, coupled with a desire for "stealth," raises questions about transparency and future compliance, even as the underlying technology shows promise.

The narrative surrounding Haemanthus, driven by its connection to Elizabeth Holmes and Evans's own media appearances, creates a strong association with Theranos, a significant reputational hurdle. While Haemanthus aims for a stamp-size wearable device, the ambitious timeline and substantial funding required highlight the considerable technical and financial challenges ahead. The market impact will depend on Haemanthus's ability to navigate regulatory landscapes, validate its technology for human diagnostics, and overcome the lingering skepticism generated by its founders' past, potentially disrupting the at-home testing market if successful.