Theranosis founder doesn’t want his company to be confused with disgraced firm, Theranos.
There’s a reason why Theranos is a bad word these days. Firms that took on a similar sounding name before the US-based firm was exposed as a fraud are in a rush to make amends.
For example, Hyderabad based medical diagnostic startup Theranosis Life Sciences is in the process of rebranding itself ‘Oncophenomics’.
Revealing that their original name resulted in bewilderment among investors, founder Dr Shibichakravarthy Kannan said they took the decision to rebrand after investors pushed for it.
“All the investors were asking me to change the name, so we are changing it. It’s better to do now than later,” says Dr Kannan with a laugh, speaking on the phone from Hyderabad. The company recently received funding from the Mumbai Angels Network. Kannan says that almost all the investors he met questioned him about the company’s name.