The founder of a Silicon Valley bio-testing startup stands accused of misleading investors, cutting scientific corners in the quest for growth, and even romancing a fellow executive. Theranos? Nope. uBiome, the fecal analysis specialists. And the FBI is at the door:
On the heels of an FBI raid of its offices in San Francisco, the buzzy health startup uBiome is under investigation.
The company, which has raised $105 million and achieved a $600 million valuation, is reportedly being investigated for issues related to how it billed customers for its tests, which were geared toward highlighting the role the microbiome plays in human health.
uBiome portrayed its tests as free to patients and said insurance companies would foot the bill. In reality, customers were sometimes saddled with thousands of dollars of bills when their insurance declined to pay. Interviews that Business Insider previously conducted with several former uBiome employees suggested that the company may have cut corners on its science as well. ...
Separately, The Wall Street Journal reported this week that uBiome was using stock photos to illustrate customer testimonials on its website. The company removed the testimonials from its site after questions from The Journal, the newspaper said.
Peter Thiel’s Palantir on Thursday said a Japanese insurance holding company, Sompo Holdings, has committed to invest $500 million in the Silicon Valley data analysis and surveillance technology firm that serves the U.S. government and the Central Intelligence Agency, among other clients worldwide.
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