You can see every red flag in Theranos 2.0

If you are considering investing in or using new health tech, be aware that companies may overstate the capabilities of laser-based diagnostics like Raman spectroscopy.

Elizabeth Holmes, co-founder of the defunct blood-testing company Theranos, is reportedly involved in a new venture called Haemanthus, which aims to develop a diagnostic device utilizing lasers. This information emerged from the documentary "You Can See Everything," directed by Nathan Fielder, which explores Holmes' past controversies. Billy Evans, Holmes' partner, is leading Haemanthus, which the documentary suggests is "Theranos 2.0." Haemanthus purportedly uses Raman spectroscopy, a technology discovered in 1928, with the goal of identifying and qualifying biomarkers to detect conditions like cancer and infections. The company's stated long-term goal is a "stamp-size, wearable version" for humans, with an estimated three-year timeline and a $70 million investment required. Haemanthus is reportedly focusing initially on veterinary tests, with limited public information available beyond the documentary and a New York Times article. The rapid development timeline proposed for Haemanthus has drawn comparisons to the notoriously slow pace of medical device development and regulatory approval processes.

The re-emergence of Elizabeth Holmes in the health tech space with Haemanthus, described as "Theranos 2.0," signals a persistent market fascination with rapid, non-invasive diagnostics, even in the face of past failures. Haemanthus' purported use of Raman spectroscopy, a mature but complex technology, highlights a trend where established scientific principles are repackaged with AI and ambitious timelines, attracting attention and potential investment. This venture, led by Billy Evans, underscores the challenge for consumers and investors in differentiating genuine innovation from potentially overhyped or unproven health technologies, especially when founders employ rhetoric that blurs the lines between advanced science and science fiction.

The rapid development timeline and substantial funding requested by Haemanthus, particularly for a wearable device, contrast sharply with the realities of medical device innovation and regulatory hurdles. Established technologies like Raman spectroscopy, while promising for certain applications, are unlikely to overcome the decades-long, multi-billion dollar timelines typical for groundbreaking medical devices. This discrepancy suggests that Haemanthus, like Theranos before it, may be setting unrealistic expectations, forcing a critical re-evaluation of the feasibility and ethical implications of fast-tracking novel diagnostic tools in the competitive health tech landscape.