Even before their lives became inextricably linked to the dramatic rise and fall of Theranos, Elizabeth Holmes and Billy Evans represented a unique pairing. In a letter penned during Holmes’s 2022 sentencing, Evans, her husband and partner, reflected on her profound impact: “may have ultimately failed to change the world in the way she set out, but she has undeniably changed mine.” He credited the Theranos founder with instilling in him a “patience” he once considered “unnecessary and soft,” a testament to the transformative power of their relationship during her most challenging years.
Further accounts from friends of the couple, shared in sentencing letters, painted a picture of Evans undergoing a significant personal evolution. Following a “monthslong camping trip,” he reportedly displayed a “new level of compassion in his demeanor, a strong sense of intention with his actions, and a heightened desire to listen to and look at others with purpose.” This narrative suggests that while Holmes faced legal repercussions, Evans also found a form of redemption and a renewed perspective, indicating a shared journey of second chances.
Now, Evans is at the forefront of a new venture, Haemanthus, a company he is actively reassuring social media followers is decidedly “not Theranos 2.0.” Despite these assurances, the documentary "You Can See Everything" appears to capture conversations between Evans and Holmes that directly echo the trajectory of Theranos, including discussions about developing a working prototype and collaborating on product ideas while Holmes was incarcerated. Evans himself acknowledged the film’s portrayal, telling David Friedberg, co-host of the podcast All-In, that the intention of the film was “to meet her, to spend time with her.” He admitted, with a touch of apprehension, “I haven’t seen it yet. I might think this is the dumbest thing that I have done.”
The Heir to a Hospitality Empire
Billy Evans’s background offers a stark contrast to the tech-fueled drama that defined his relationship with Elizabeth Holmes. Born and raised in San Diego, Evans hails from a family with deep roots in the Southern California tourism industry. His grandparents, William and Anne Evans, were pioneers in the hospitality sector, establishing a popular resort hotel on Mission Bay in 1953. This family legacy, built on shrewd foresight and generational wealth, was further managed by his father, also named William Evans.
While attending the prestigious Francis Parker School in San Diego, accounts from contemporaries suggest a different facet of Billy Evans’s early life. Described as a “source of drama” who would “try to fight to start fights,” he was characterized by some as exhibiting “affluenza,” a term often associated with the perceived entitlement and behavioral issues of the privileged. This contrasts with the more introspective and compassionate individual he is portrayed as having become. Evans has largely remained private, declining interviews for this story and not answering specific questions regarding his past or current ventures.
From Tech Industry to a New Vision
After graduating from MIT with a bachelor of science in economics, Evans reportedly attempted to launch a medical concierge service, a venture that ultimately did not succeed. He then pursued roles within various tech companies, including stints at LinkedIn and Luminar Technologies, a firm specializing in self-driving car technology. It was at a Fleet Week charity event in the Bay Area in 2017, at the age of 25, that Evans met Elizabeth Holmes. He was, by his own account to the judge at her sentencing, “captivated by her childish wonder and authenticity.”
Initial reports from the early years of their courtship suggested reservations from the Evans family regarding the relationship. However, by the time of Holmes’s trial, these doubts appeared to have softened. Her father-in-law, William Evans, even attended court incognito under the alias "Hanson," identifying himself as a mechanic and defending Holmes’s reputation to journalists. His public display of support, including a famously noisy Rice Krispies Treat that disrupted proceedings, underscored a complex familial dynamic.
Haemanthus: A New Frontier in Diagnostics
Despite Holmes’s name being absent from the official incorporation documents of Haemanthus, the company Evans founded in 2022, her influence and potential involvement remain a significant point of discussion. The company’s stated mission—to bring blood, urine, and saliva testing to American homes via a countertop-sized machine—bears a striking resemblance to the original ambitions of Theranos. Publicly available information on Haemanthus is scarce; it has yet to release products and maintains a minimal online presence, with only a basic LinkedIn page.
However, the underlying technology appears to diverge from Theranos’s approach. While Theranos focused on miniaturizing existing diagnostic techniques to operate on minuscule blood samples, Haemanthus is reportedly leveraging "light," specifically lasers, through a Raman Spectroscopy System. A patent granted in January 2025 outlines a machine designed to direct high-power light sources at biological samples and analyze the resulting data.
The Science Behind the Innovation
Raman Spectroscopy, a legitimate and promising diagnostic tool, has been a subject of scientific inquiry since its discovery in 1928. The principle involves analyzing the frequency shifts of photons that scatter off a material, providing insights into its molecular composition. For decades, researchers have worked to refine this process, making it more accessible and practical for applications in specialized settings like research universities and hospitals.
Eric Potma, a professor of chemistry at UC Irvine and a consultant for Haemanthus, offered a cautiously optimistic perspective on the company’s technological direction. He stated, “All I can say is that from an engineering perspective, they have some interesting ideas that are worth exploring.” Potma emphasized that the company is not operating on speculative concepts, asserting, “It is not a technology concept pulled out of thin air, as people may be inclined to think based on the fact that the company is run by Elizabeth’s husband (and thus an automatic repeat of the Theranos story). My own assessment is that Haemanthus is not Theranos. The engineers at Haemanthus are legit, and they are really trying to push the Raman detection technology into interesting directions.”
Navigating Regulatory Hurdles and Funding
The ambitious goal of deploying a highly sensitive diagnostic technique in home appliances, capable of delivering accurate health marker assessments within seconds and meeting regulatory standards, presents substantial challenges. Reports indicate that Haemanthus has secured significant funding, with The New York Times initially reporting a $3.5 million investment from “friends and family” and subsequent reports suggesting as much as $20 million.
Marketing materials, as interpreted by press accounts, suggest an initial strategy to avoid regulatory oversight by focusing on veterinary diagnostics. However, The New York Times confirmed with the USDA that the agency does indeed exercise regulatory oversight over “vet diagnostics,” casting doubt on this assertion.
Evans has maintained a stance of deliberate secrecy, telling The New York Times that the company is operating in “stealth” mode and that external searches will reveal little associated with the Haemanthus name. Despite this, the company’s operational addresses are reportedly linked to private residences in affluent Austin neighborhoods. Individuals contacted who are presumed to be employees have largely declined to comment or confirm their roles.
The Road Ahead: A Question of Redemption or Repetition?
The commitment to extreme “stealth” appears somewhat at odds with the decision to participate in a multi-year documentary project. Nevertheless, Haemanthus’s long-term vision, as presented to investors, includes miniaturizing the laser system into a stamp-sized wearable device, a research endeavor projected to require three years and an additional $70 million.
As Elizabeth Holmes prepares to transition from prison to a halfway house next summer, the narrative surrounding her and Billy Evans continues to unfold. The question remains whether Haemanthus will represent a genuine technological breakthrough and a path to redemption for the couple, or if it will ultimately echo the cautionary tale of Theranos, leaving the world to ponder whether the desire to change it can truly overcome past failures. The world, as Evans once suggested, may yet be changed, but the manner and outcome of that change remain profoundly uncertain.
