Elizabeth Holmes’ partner and father of her child is said to have secured millions in funding to launch a new blood-testing company, which bears a striking resemblance to the firm that led Holmes, the founder of Theranos, to federal prison.

As reported by the New York Times, Billy Evans, the heir to a hotel fortune, is promoting his new venture, Haemanthus, to potential investors. Evans’ concept involves a health testing company capable of analyzing users’ blood, urine, and saliva.

The business model of Haemanthus and the pitch provided by Holmes-led Theranos show significant similarities.

Holmes founded Theranos in 2003 after her healthcare technology startup attracted substantial investments, boasting hundreds of millions from high-profile backers. She asserted that her company had developed a method for rapidly and accurately testing small blood samples to arrive at a diagnosis.

Haemanthus, according to its January patent, claims its technology can utilize sweat, urine, saliva, and small blood samples for diagnostics. The company, initiated by Evans, who has two children with Holmes, was established in February 2024 and plans to start animal testing before moving on to human trials.

The technology claims made by Theranos inflated its valuation to $9 billion in 2014. However, a critical investigation by the Wall Street Journal revealed significant inaccuracies in Theranos’ assertions, indicating the tests were not only illegal but also produced false results.

The scandal culminated in 2018 when the company was dissolved, leading to criminal charges against Holmes and the firm’s president. Holmes received an 11-year prison sentence in 2022 for defrauding investors.

Marketing materials for Haemanthus, as reviewed by The New York Times, indicate that the technology employs lasers to analyze blood, saliva, and urine from pets, promising rapid disease, cancer, or infection detection.

Reportedly, Haemanthus aims to develop compact, wearable versions of its devices for human use in the long run, according to The Times.

Several investors have already expressed interest in the pitch. While reportedly receiving guidance from Holmes, Evans has managed to raise nearly $20 million from friends and other backers.

Evans met Holmes in 2017 during the fraud investigation that resulted in her imprisonment. He is said to reside in Texas with their child, while Holmes serves her sentence approximately two hours away.