Key Takeaways
- • Haemanthus, the Austin startup led by Billy Evans, has reportedly raised as much as $20 million and holds at least one granted Raman spectroscopy patent, but has not launched a commercial product or published independently validated diagnostic data.
- • Former CTO Joseph LaChapelle left in March 2026, with LaChapelle citing a conflict of interest from a prior stealth startup while Evans reportedly said he let the CTO go.
- • Haemanthus plans to begin with veterinary testing, a market the FDA does not require premarket approval for, before pursuing human applications.
- • Interest surged after A24 released the documentary "You Can See Everything" on Oct. 16, which features Evans and Elizabeth Holmes on fundraising calls and discussing a medical-testing venture.
- • Haemanthus has publicly denied Holmes has any involvement, and WIRED reported her name does not appear in the company's incorporation documents.
Summary
Billy Evans, longtime partner of convicted Theranos founder Elizabeth Holmes, runs Haemanthus, an Austin-based startup that says it can use lasers to detect disease in blood, saliva, and urine. Interest in the company has grown since A24 released Nathan Fielder and Lance Oppenheim's documentary about the couple on Oct. 16. According to reporting by Forbes and WIRED, Haemanthus has reportedly raised as much as $20 million and holds at least one granted patent. Publicly, the company has no product customers can buy and has not published data showing its technology works.
The company's underlying technique, Raman spectroscopy, is long established for chemical identification, but detecting disease markers in blood is far harder because target molecules are often present in tiny amounts and other blood components can overwhelm their signals, according to a scientific review in Applied Spectroscopy. A Raman patent assigned to Haemanthus and granted in January 2025 names two inventors, including former CTO Joseph LaChapelle, according to Forbes. A patent, however, does not establish that a test can accurately diagnose patients. Haemanthus has distinguished its approach from Theranos, writing on X in May 2025 that "Theranos attempted to miniaturize existing tests."
Investor materials reviewed by The New York Times last year showed Haemanthus initially raised $3.5 million from friends and family and sought another $15 million from wealthy investors in Austin and the San Francisco Bay Area in spring 2025. The materials described a wearable human device that would take three years and $70 million to develop. Haemanthus plans to start with veterinary testing, a far less regulated market, since the FDA does not require premarket approval for animal devices, though it can act against misbranded or adulterated products.
LaChapelle told Forbes he resigned on March 16, 2026, citing a conflict of interest with a stealth startup he founded before Haemanthus. A person who spoke with Evans told Forbes that Evans said he had let the CTO go and described the company as "Theranos 2.0," a label Haemanthus has publicly rejected. Evans did not respond to Forbes' request for comment.
Holmes, serving an 11-year sentence at a federal prison camp in Bryan, Texas, was reported by NPR in May 2025 to have advised Evans from prison, a claim Haemanthus denied, saying she had "zero involvement." The documentary shows Evans saying, "The idea is to put the band back together and do it all again," though Forbes noted it is unclear whether those calls concerned Haemanthus or another venture. A source close to Evans told New York Magazine the project in the film was separate from Haemanthus. Evans has also acknowledged the film may backfire, saying at the All-In Summit, "I might think this is like the dumbest thing I've ever done."
The documentary also reveals Evans requested a share of its profits, which the filmmakers reluctantly considered, and a postscript says he ultimately declined payment. Page Six reported Evans has sought Hollywood legal representation over a possible cut, citing unnamed sources. Haemanthus has yet to publicly show its technology can reliably detect disease, and it remains unclear when its veterinary device will reach market.
The company's underlying technique, Raman spectroscopy, is long established for chemical identification, but detecting disease markers in blood is far harder because target molecules are often present in tiny amounts and other blood components can overwhelm their signals, according to a scientific review in Applied Spectroscopy. A Raman patent assigned to Haemanthus and granted in January 2025 names two inventors, including former CTO Joseph LaChapelle, according to Forbes. A patent, however, does not establish that a test can accurately diagnose patients. Haemanthus has distinguished its approach from Theranos, writing on X in May 2025 that "Theranos attempted to miniaturize existing tests."
Investor materials reviewed by The New York Times last year showed Haemanthus initially raised $3.5 million from friends and family and sought another $15 million from wealthy investors in Austin and the San Francisco Bay Area in spring 2025. The materials described a wearable human device that would take three years and $70 million to develop. Haemanthus plans to start with veterinary testing, a far less regulated market, since the FDA does not require premarket approval for animal devices, though it can act against misbranded or adulterated products.
LaChapelle told Forbes he resigned on March 16, 2026, citing a conflict of interest with a stealth startup he founded before Haemanthus. A person who spoke with Evans told Forbes that Evans said he had let the CTO go and described the company as "Theranos 2.0," a label Haemanthus has publicly rejected. Evans did not respond to Forbes' request for comment.
Holmes, serving an 11-year sentence at a federal prison camp in Bryan, Texas, was reported by NPR in May 2025 to have advised Evans from prison, a claim Haemanthus denied, saying she had "zero involvement." The documentary shows Evans saying, "The idea is to put the band back together and do it all again," though Forbes noted it is unclear whether those calls concerned Haemanthus or another venture. A source close to Evans told New York Magazine the project in the film was separate from Haemanthus. Evans has also acknowledged the film may backfire, saying at the All-In Summit, "I might think this is like the dumbest thing I've ever done."
The documentary also reveals Evans requested a share of its profits, which the filmmakers reluctantly considered, and a postscript says he ultimately declined payment. Page Six reported Evans has sought Hollywood legal representation over a possible cut, citing unnamed sources. Haemanthus has yet to publicly show its technology can reliably detect disease, and it remains unclear when its veterinary device will reach market.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.