No knowledgeable biotech VC invested in Theranos, because they were unable to pass due diligence. Theranos investors were unsophisticated family offices who did

No knowledgeable biotech VC invested in Theranos, because they were unable to pass due diligence. Theranos investors were unsophisticated family offices who didn't operate in the space, didn't know enough science or technology themselves, and didn't know how to run due diligence. Had Theranos attempted to open up enough to go public in those circumstances, they would have been exposed much more quickly.