Elizabeth Holmes and her partner Billy Evans at home on March 24, 2023. Photo / Philip Cheung, The New York Times
Billy Evans has two children with the Theranos founder, who is in prison for fraud. He’s now trying to raise money for a testing company that promises “human health optimisation”.
Elizabeth Holmes is in prison for defrauding investors through her US blood-testing company, Theranos. In the meantime, her partner is starting one of his own.
Billy Evans, who has two children with Holmes, is trying to raise money for a company that describes itself as “the future of diagnostics” and “a radically new approach to health testing”, according to marketing materials reviewed by The New York Times.
If that sounds familiar, it’s because Theranos similarly aimed to revolutionise diagnostic testing. The Silicon Valley startup captured the world’s attention by claiming, falsely as it turned out, to have developed a blood-testing device that could run a slew of complex lab tests from a mere finger prick.
Evans’ company is named Haemanthus, which is a flower also known as the blood lily. It plans to begin with testing pets for diseases before progressing to humans, according to two investors pitched on the company who spoke on the condition of anonymity because they had agreed to keep the plans secret. Evans’ marketing materials, which lay out hopes to eventually raise more than US$50 million, say the ultimate goal is nothing short of “human health optimisation”.
A photo provided to potential investors of the startup’s prototype bears more than a passing physical resemblance to Theranos’ infamous blood-testing machine, variously known as the Edison or miniLab. The device that Evans’ company is developing is a rectangular contraption with a door, a digital display screen and what the investor materials describe as tunable lasers inside.
Haemanthus says its device will test blood as well as saliva and urine.
The marketing documents provided with the photo say there is “no regulatory oversight – USDA confirmed in writing”.
It’s not clear what the company means by that. A spokesperson for the US Department of Agriculture, Seth W. Christensen, said he was not able to confirm whether the agency had corresponded with Haemanthus. “USDA does regulate vet diagnostics”, including blood testing, Christensen said.
Evans responded in an interview, “When you’re in stealth, you’re trying to be in stealth. They aren’t going to find anything associated with the name Haemanthus.” Evans sent a partially redacted document from the USDA that said, “It does not appear that the proposed product is within the regulatory jurisdiction” of the Center for Veterinary Biologics, which is a part of the USDA.
Evans, the 33-year-old heir to a California hotel fortune who met Holmes while federal authorities were investigating her, has not publicly discussed the new venture. The documents indicate he has assembled roughly 10 employees. He describes his employment on social media simply as working for a “stealth startup”.
James W. Breyer, a well-known venture capitalist and early investor in Facebook, said his team had been asked to put in money and decided against it “for many of the same reasons we passed twice on Theranos”.
“In diagnostics, we’ve long held that the difference between a compelling story and a great company lies in scientific defensibility and clinical utility,” he wrote in an email.
If sequels are de rigueur in the so-called disruptive world of technology, this one is particularly bold. Theranos became one of the most celebrated startups in the globe last decade and attracted both big-time investors (Rupert Murdoch, Larry Ellison) and a board of advisers that included Henry Kissinger.
Holmes, often clad in a black turtleneck that invited comparisons to Apple founder Steve Jobs, was feted on magazine covers and at the White House.
Few knew that Theranos’ technology could not diagnose hundreds of conditions it claimed it could. As was chronicled in The Wall Street Journal, a bestselling book, a podcast, television series and later criminal proceedings, Theranos was largely using third-party technology to run rudimentary assays – when it did any testing at all. Patients received false diagnoses. The company crumbled before Holmes’ indictment for fraud.
Holmes, who has always maintained that she is innocent, was convicted of fraud in 2022 and sentenced to 11 years in prison. She is incarcerated in a Bryan, Texas, federal prison.
Evans’ idea for Haemanthus traces back at least a year and a half, when he incorporated the company in Delaware, according to public corporate filings. Documents filed in Delaware and Texas show that its offices have been at various addresses in the trendy South Lamar neighbourhood of Austin, Texas, where Evans lives with his and Holmes’ two children.
Haemanthus began by soliciting $3.5m in funding from friends and family and this spring began reaching out to other well-to-do backers in Austin and the San Francisco Bay Area for an additional $15m, according to the investor materials.
Billionaire Michael Dell’s investment firm turned down the effort, according to two people briefed on the outreach.
The one investor who could be identified in public records is Matthew E. Parkhurst, a part-owner of a Mediterranean tapas bar in downtown Austin and other investments. Parkhurst did not respond to requests for comment.
Much of the Haemanthus executive team hails from Luminar, a struggling self-driving car company where Evans worked for two years, according to his LinkedIn profile.
Pet healthcare is the first market Evans’ company aims to address. The startup has thus far received one patent.
According to the company’s marketing materials and patent, the Haemanthus device will use a laser to scan blood, saliva or urine from pets and analyse the samples on a molecular level. In a matter of seconds, the marketing material said, Evans’ machine would be able to identify and qualify biomarkers such as glucose and hormones, and deploy what the company calls deep learning models to detect cancer and infections.
Animal medicine has grown into a colossal industry as private equity firms have increasingly acquired and consolidated independent veterinary practices.
Pet cancer screenings alone are a multibillion-dollar market. Edgemont Partners, a healthcare investment bank, describes it as a “recession-proof industry”.
Haemanthus told investors it had roughly two dozen advisers, including veterinarians and diagnosticians, though it did not name them.
Haemanthus’ materials say the long-term goal is to develop a stamp-size, wearable version of the product for humans. “Based on our experience and partner input”, it says, that will require three years and $70m.
The investor presentation makes no mention of Evans’ connection to Holmes.
This article originally appeared in The New York Times.
Written by: Rob Copeland
Photographs by: Jim Wilson and Philip Cheung
© 2025 THE NEW YORK TIMES
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