The Return of Silicon Valley’s Greatest Fraud

New here at 11.

Convicted Theronos founder Elizabeth Holmes says she plans to get back into healthc care

technology after her release from prison.

In an interview with People magazine,

Holmes revealing there's not a day

that she hasn't continued working on her research

and inventions from behind bars,

saying that she's committed to her dream of making affordable healthc care solutions available

to everyone.

The partner of Theronos founder Elizabeth Holmes has raised millions of dollars for an

artificial intelligence startup.

First they think you're crazy, then they fight you,

and then all of a sudden you change the world.

Hi, welcome to another episode of Cold Fusion.

The story of Theronos

and Elizabeth Holmes was one of the most popular videos I've ever done.

It's racked up 12 million views to date.

Since then, there's been movies and documentaries made about her.

She's become a cultural phenomenon of sorts.

You'd think that by raising 945 million from investors

and getting valued at 9 billion based on misleading

and false technology would have been enough to keep investors staying miles away from

her.

But I guess in 2025, anything can happen because Elizabeth Holmes is back.

Well, kind of.

More specifically, she's involved in the healthcare industry again.

This episode will be done in two parts.

The first is the story of Theronos 2.0 O

and how on earth it's getting investment.

The second part is the flip side to all of this.

Ironically, over time, as technology has progressed,

the idea of detecting health problems with just a single drop of blood has

become possible.

And this is thanks to new research and AI.

It sounds crazy, but maybe by the end of this episode,

you have to think to ask yourself, what if it legitimately works this time?

You are watching Told Fusion TV.

But before we get started, just some quick housekeeping.

Cold Fusion episodes are now available on Spotify,

so you can watch them there if you prefer.

In 2022, Elizabeth Holmes was convicted of defrauding Silicon Valley in what can only

be described as a spectacular disaster.

She's now serving 11 years in prison.

Why?

Well, she lied and put lives at risk with a promise to revolutionize the

biotech industry. while liveaction role- playinging

as Steve Jobs.

Basically, in a nutshell,

she claimed to have built a machine called the Edison

that could test for a myriad of diseases,

all from a single drop of blood,

a feat that was more than impossible in the late 2000s.

Holmes roped in big investors throughout Silicon Valley.

She lied her way to stardom, securing deals with large companies like Walgreens.

All the while in the background, her product didn't work.

Patients were unknowing guinea pigs as they received false diagnosis.

By the end, Holmes had close to a billion dollars in investment from huge

names like Rbert Murdoch

and Larry Ellison.

Her board of advisers was adorned with heavy titans like Henry Kissinger.

The White House invited Holmes and the magazines loved her.

Meanwhile, she ordered her employees to fake the Edison's test results to buy more

time,

but her time eventually ran out when insiders blew the whistle.

But now her name is in the headlines again.

In February of 2025, Holmes, now 41,

told People magazine that she's been writing patents from prison.

After her release, she wants to get back into biotech,

and she's busy writing new patents for new inventions while behind bars.

But there's a massive problem with that plan.

The Securities and Exchange Commission has banned her from serving

as an officer or director of any public company.

So, that's game over, right?

Well, not really.

She may not be able to run a public company,

but she sure can help run a private company.

And this is where her partner comes into play.

While in the midst of her federal investigation tribulations,

Holmes found love in the form of Billy Evans,

a then 30-year-old heir to a California hotel fortune.

Together, they would have two kids who she sees twice a week for 2

hours.

While behind bars in a Texas prison, her partner is carrying the biotech mantle.

Billy Evans is actively raising money for his own bio company, Hemanthus.

Hemanthus describes itself as quote the future of diagnostics

and a radically new approach to health testing.

In a move suspiciously reminiscent of Theronos,

the company wants to scan for diseases using bodily fluids.

Even their initial testing machine looks similar to Theronos's Edison machine.

But ah, there's a catch.

This time it's been run by, you guessed it, artificial intelligence.

And that's according to marketing materials reviewed by the New York Times.

According to this marketing material,

the Hmanthis device will use a laser to scan blood, saliva,

or urine and analyze the samples on a molecular level.

In just seconds, a deep learning model can be used to detect cancer

and other issues.

So far, they've been granted one patent.

As crazy and fraudulent as this sounds on the surface,

especially with the mention of AI,

it might not be as bung an idea as you first think,

you'll clearly see why later in the episode.

To achieve all of this, they're using a method called Rayman spectroscopy.

It's something that's been used in chemistry for close to a century.

Basically, how it's done today is

that you shine a laser on a molecule

and from the way it vibrates,

you can tell what that molecule is.

The technique can help diagnose ALS as well as some forms of cancer.

The problem is it's a very manual process just ripe for automation.

But all you need to remember is the term Raymon spectroscopy for later in

the episode.

The thing here though is according to two investors who were pitched the idea,

Hmanthus is starting with animals, pets to be specific.

And I hate to say it, but it's a pretty smart move.

Less regulation and there's a lot of money in it.

It just turns out that cancer screening for pets is a booming business.

A multi-billion dollar booming business.

Healthcare investment bank Edgemon Partners described it as a recession proof industry.

Okay, so after pet healthcare, then what?

Well, the end goal for Hermanthus is to create a relatively cheap wearable health

scanner for humans.

They're claiming that they need 3 years and $70 million to make it happen.

Aside from the Elizabeth Holmes connection,

it's going to take a lot to convince investors.

Before this company, Evans worked at Luminina Technologies,

a company that describes itself

as quote producing advanced sensor technologies for the autonomous vehicle industry.

So, no medical experience there.

But to counteract his lack of experience in the field,

Hmanthus told investors that it roughly has 20 advisers, including veterinarians and diagnosticians.

The company has around 10 employees so far.

According to NPR, Evans has already raised millions of dollars.

So, he must be one heck of a talker.

But the question must be asked, who is investing in this company?

It's an interesting question.

Just who would give a Theronos adjacent company money?

Well, as you'd expect, investors aren't exactly jumping on the opportunity.

Michael Dell's investment firm promptly rejected the offer. early investor in Facebook

and VC manager said

that they're going to skip quote for many of the same reasons we passed

twice on Theronos in diagnostics.

We've long held that the difference between a compelling story

and a great company lies in scientific defensibility

and clinical utility.

End quote.

But like a child's chocolate fundraising run,

you can always count on friends and family to come through.

So that's what Evans did.

Evans began by soliciting 3.5 million in funding from friends

and family and is looking for 15 million more in wealthy areas of San

Fran and Austin.

The New York Times could only track down one investor, Matthew Parkhurst.

He helps run a tapest bar in Austin.

Not exactly the kind of person you'd expect to invest in such a thing,

but interesting nonetheless.

Okay, so what's the flip side here?

Why isn't the idea

that Hermanthus is trying to do

as fanciful as it first might seem?

Interestingly, the timing might be right.

Artificial intelligence is pushing the field of Rayman spectroscopy forward,

and this is where things get more nuanced.

With AI, a simple blood test can now accurately detect cancers.

And we've actually covered the full story on this channel before.

But to give you an idea of the significance of this development,

here's a quote.

We have a simple blood test

that could be done in a doctor's office

that would tell patients whether they have the potential signs of lung cancer.

and should get a follow-up CT scan."

End quote.

And that's not Bob the scammer talking.

That's the author of a John Hopkins study on the topic, Dr.

Victor Velclesu.

His position is professor of oncology

and co-director at the John Hopkins Kimmel Cancer Center.

This all means earlier detection and saving countless lives.

Lung cancer is one of the deadliest cancers.

So, this is an absolute breakthrough.

AI and early detection from blood is also working in other types of cancers.

So more specific to him,

scientists in China at the medical university in Beijing have successfully used Raymon spectroscopy

in combination with AI.

The very same technique that Hmanthus is using,

the results of the Chinese study were 99.7% accuracy in melanoma cell detection

and 97.9% accuracy for bacterial infections.

Another paper in the US did a similar thing and showed similar results.

But with all of that being said,

going from working science to an actual product isn't easy,

and that's where most companies of this type fail.

So, we'll have to see what happens.

There's no getting around it.

Although there may be scientific evidence to say

that what Hermanthus is trying to do isn't completely crazy,

the ghost of Holmes is going to haunt this company.

Theronos was just such a clown show when the scam unraveled.

On the 11th of May 2025, the Hermanthus company spoke on its exac account.

The company wrote, quote, "Yes, our CEO, Billy Evans, is Elizabeth Holmes's partner.

Skepticism is rational.

We must make a clear high bar.

We prefer to build first, talk later.

The science, when ready, will stand on its own merits.

This is not Therronos 2.0."

End quote.

So, do you believe them?

That's up to you.

But in totality, it's a less than black and white story.

The ghost of Holmes and her shadow can't be ignored,

but the science is pretty solid,

and others are working on similar technology and are showing some real promise,

so only time will tell.

As for Holmes, she's going to stay in prison for another 7 years.

In recent weeks, her last appeal was rejected.

So, what do you guys think?

It really is an interesting set of events.

So, feel free to discuss in the comment section below.

As you've seen from this episode,

AI is a lot more than just generating text and images from prompts.

It's making real breakthroughs in the medical field.

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Thanks.

Now, back to the video.

Anyway, that's about it from me.

If you did like this episode,

feel free to watch anything else on Cold Fusion.

There's plenty of other interesting stuff here on science, technology, and business.

Okay, so my name is Dogo, and you've been watching Cold Fusion,

and I'll catch you again soon for the next episode.

Cheers, guys.

Have a good one.

Cold Fusion, it's new thinking.

Uh-huh.