Billy Evans and the Haemanthus Mystery: Inside the 'Theranos 2.0' Controversy

Key points

• Haemanthus, founded by Billy Evans in 2022, seeks to use Raman Spectroscopy (laser-based analysis) for home diagnostics, differing from Theranos’s miniaturized blood sample approach.
• The company has raised approximately $20 million, up from an initial $3.5 million, and holds a patent granted in January 2025 for its Raman Spectroscopy System.
• Evans maintains Holmes is not involved in Haemanthus, though the couple appeared together in the documentary 'You Can See Everything,' discussing product ideas and prototypes.
• The company operates in 'stealth mode' with minimal public presence, though marketing materials suggest a future goal of a stamp-sized wearable device requiring $70 million in funding.
• Holmes is scheduled to move to a halfway house in Texas in August 2027, coinciding with the documentary’s release and Evans’s public defense of the film.

Background

This story follows the release of the documentary 'You Can See Everything,' which has achieved record-breaking critical scores and box office success. Previous coverage noted Holmes’s upcoming transfer to a halfway house in 2027 and Evans’s defense of the film on the 'All-In' podcast, where he argued the documentary allows the public to form independent opinions about Holmes.

How outlets are covering it

WIRED emphasizes the technical differences between Haemanthus and Theranos, citing expert Eric Potma’s view that the engineering is legitimate, while noting the company’s secretive nature. The New York Times highlights the documentary’s massive box office success, noting over 2,000 sold-out shows, and contrasts it with the top-grossing film 'Street Fighter.' The Guardian focuses on the unprecedented critical acclaim of the documentary, citing a 99/100 Metacritic score. CNN’s source was inaccessible due to technical errors, but the other sources agree on the documentary’s cultural impact and the controversy surrounding Evans’s new venture.

Why it matters

The Haemanthus controversy raises questions about the potential for repeat fraud in the health tech sector and the influence of high-profile figures in shaping public perception through media. The documentary’s success also highlights the enduring public interest in the Theranos scandal and the complexities of redemption narratives in Silicon Valley.

What to watch

Investors and the public will watch for Haemanthus’s next funding rounds and product developments, particularly the transition from veterinary to human diagnostics. Holmes’s move to a halfway house in 2027 may further intensify scrutiny of Evans’s activities and the company’s regulatory compliance.