Founded by Elizabeth Holmes in 2003, Theranos raised over $700 million in funding and achieved a valuation of $10 billion. The company claimed to have developed revolutionary technology for blood testing that required only a fraction of the usual amount of blood and cost less than existing tests. However, in 2015, investigative reports questioned the validity of Theranos' technology, leading to a string of legal and commercial challenges. The company faced sanctions, lost contracts, and was eventually charged with fraud. In 2018, Theranos ceased operations and its founder, Elizabeth Holmes, was convicted of investor fraud.