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// HALL OF FLAME · STARTUP AUTOPSY
Founded2003
Closed2018
CountryUSA
SectorBiotech
Total raised$945M
Collapse typeFraud Explosion
FounderElizabeth Holmes

Theranos

"Blood testing. Miniaturized. Fictional."

$945M
RAISED
—
EMPLOYEES
180
MONTHS
fraudFraud Explosion

Sudden collapse triggered by fraud exposure

// Fatal mistake: Fraud

Key Events Timeline

2004-01
FUNDING
First funding from family investors. Edison device concept established.
2014-02
FUNDING
Raises $400M at $9B valuation. Walgreens partnership live.
2015-10
FRAUD EXPOSURE
WSJ investigation exposes Edison device failures. Blood tests run on Siemens machines.
2016-07
REGULATORY ACTION
CMS bans Elizabeth Holmes from lab operations for two years.
2018-09
SHUTDOWN
Theranos dissolves. Holmes indicted on fraud charges.
🔥 Hall of Flame 98%🏆 Hall of Fame 2%

Theranos failed because its Edison blood-testing device never worked.

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More Biotech →More from USA →More fraud failures →Raised: $945M
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