Theranos whistleblower Tyler Shultz discusses how the AI boom complicates due diligence, noting that evaluating emerging AI claims presents unique challenges for investors and technical oversight.
The history of Theranos
Theranos had reached a valuation of around $10 billion, even though its blood-testing technology never actually worked. The company used third-party machines for the analyses, while keeping its data secret from investors, citing trade secret protection.
Shultz, who worked at the company in its early days, explained that the company's founder, Elizabeth Holmes, managed to raise huge sums by taking the small private investment model to a $100 million scale. It is noted that among the investors and board members was Shultz's grandfather, George Shultz, a former US Secretary of State and Treasury.
The concern about artificial intelligence
According to Shultz, auditing companies involved in artificial intelligence is extremely difficult. This difficulty in verifying a company's true capabilities creates an environment where it is easy to mislead the public. Shultz fears that investors may overlook the necessary scrutiny, as happened in the case of Theranos.
Holmes' new effort
Elizabeth Holmes has been sentenced to 11 years in prison in the Theranos case. However, a new documentary called You Can See Everything, directed by Nathan Fielder and Lance Oppenheim, reports that Holmes and her partner, Billy Evans, are working on a new diagnostics company, Haemanthus. The company, which some are calling “Theranos 2.0,” has reportedly already raised about $20 million in funding.
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