Disgraced Theranaos founder working on another blood testing startup from jail

Elizabeth Holmes. Image Source: Wikimedia Commons

Elizabeth Holmes, the disgraced founder of Theranos, is reportedly helping her partner Billy Evans on a new biotech venture while serving her 11-year prison sentence for defrauding investors. 

The company, called Haemanthus, is in its early stages but has already secured a patent for a light detection tool that leverages artificial intelligence to conduct diagnostic tests on sweat, saliva, urine, and blood, public filings and a source familiar with the company have revealed, according to NPR. 

Haemanthus is exploring the use of Raman spectroscopy, a technology previously used in diagnosing diseases like ALS and detecting explosives on battlefields, with ambitions to make the technology more affordable and accessible to patients outside research settings.

While Holmes' lawyer did not respond to requests for comment, she told People magazine in February that she plans to return to the biotech field and has been developing new patents from behind bars. 

NPR revealed that the company's January patent filing suggests it aims to apply its optical and AI-powered diagnostics in a medical context, though the specifics of a potential consumer product remain unclear.

Holmes' reentry into biotech comes after a dramatic fall from grace. Once celebrated as the youngest self-made female billionaire, Holmes rose to prominence by claiming her startup Theranos could revolutionise blood testing with a finger-prick sample. 

Investigations later revealed the technology didn't work, leading to federal fraud charges. She was convicted in 2022 and began serving her sentence in 2023.

Her story has captivated the public and media alike. Holmes has been the subject of multiple documentaries, including HBO's The Inventor: Out for Blood in Silicon Valley, and was portrayed by Amanda Seyfried in the Hulu miniseries The Dropout, which chronicled her rise and downfall.