- Founded: 2003
- Ceased Operations: 2018
What did Theranos do?
Theranos was a health technology startup with the aim of revolutionizing blood testing. Theranos promised to provide accurate and fast blood tests using only a few drops of blood from a finger prick, rather than a traditional venous blood draw.
At its peak in 2013 and 2014, Theranos had raised more than $700 million from private investors and venture capitalists, valuing the company at $10 billion.
Who started Theranos?
Why did Theranos go out of business?
Despite Theranos’s promises, its technology was never properly validated, and the company used commercial blood analyzers to run many of its tests, rather than its own proprietary devices. This meant that many of the results provided by Theranos were inaccurate, and the company put thousands of people at risk by providing incorrect medical information.
This led to the downfall of Theranos and its founder, Elizabeth Holmes, who was later convicted of fraud.