Billy Evans, a 34-year-old MIT graduate and grandson of the founders of Evans Hotels, runs Haemanthus, a startup that says it can use Raman spectroscopy, a technique that shines a laser on a sample and reads the scattered signal, to identify biomarkers such as glucose and hormones, and use AI to detect cancer and infections. The company claims the approach is fundamentally different from Theranos, which attempted to miniaturize existing blood tests.
However, according to a scientific review cited by Forbes, detecting molecules in blood is difficult because target molecules are often present in low concentrations, and other blood components can produce stronger signals that mask them. Haemanthus plans to start with veterinary testing, which is less regulated than human diagnostics. The U.S. Food and Drug Administration does not require premarket approval for animal devices.
According to investor materials reviewed by The New York Times, Haemanthus initially raised $3.5 million from friends and family and began seeking an additional $15 million in spring 2025. The materials described an eventual wearable device for humans that would take three years and $70 million to develop. WIRED has reported the company has received as much as $20 million. A person who spoke with Evans this spring told Forbes that Evans said early Palantir employees had invested.
In May 2025, NPR reported, citing two sources, that Holmes had been advising Evans from prison, though the nature of that advice was unclear. Haemanthus denied this on X, saying Holmes had "zero involvement" and "no role, now or future." WIRED reported that Holmes’ name does not appear in Haemanthus’ incorporation documents. The documentary shows Evans and Holmes on fundraising calls and discussing a medical-testing venture, but a source close to Evans told New York Magazine that the project in the film was separate from Haemanthus.
Former chief technology officer Joseph LaChapelle told Forbes he resigned on March 16, 2026, due to a conflict of interest with a startup he founded before joining Haemanthus. However, the same person who spoke with Evans earlier said Evans claimed he had let the CTO go. That person also recalled Evans describing the company as "Theranos 2.0," a label Haemanthus has publicly rejected.
Evans has acknowledged the documentary may backfire. Speaking at the All-In Summit before seeing the finished cut, he said, "I might think this is like the dumbest thing I’ve ever done." The film also reveals that Evans asked for a share of its profits, but a postscript says he ultimately decided not to accept payment. Page Six reported, citing unnamed sources, that Evans has since sought Hollywood legal representation over a possible cut.
This story was originally featured on Fortune.com.