What does Theranos do?

Theranos, Inc. was a medical diagnostic company founded in 2003 by Elizabeth Holmes. The company aimed to innovate blood testing by using devices that required only a few drops of blood. Initially named "Real-Time Cures," Theranos developed lab-on-a-chip technology to provide cheaper and less invasive blood tests. It raised over $700 million from investors and reached a peak valuation of $9-10 billion by 2014-2015. Theranos promoted its proprietary Edison machine, which was claimed to perform numerous tests on a small blood sample. The company offered direct-to-consumer diagnostic testing for over 200 conditions, aiming to make testing faster and more accessible. It partnered with Walgreens and Safeway to provide wellness centers for consumers. Despite its ambitious goals and high-profile backing, the company faced significant challenges and ultimately ceased operations in 2018.