Not accurate. Theranos's investors, board and outside stakeholders where by design people with no medical or related experience.
Also, as near as I can tell, Theranos got their later investment rounds by being willing to wildly lie. IIRC, they claimed something like $100e6 of revenues where the actual number was approx $100e3 [1]. That is probably going to (slowly) lead to criminal liability for some of the principals.
Here (as parent mentioned) you have battery companies investing in a battery company.
[1] https://www.cnbc.com/2018/03/14/theranos-president-exaggerat...
Which was in turn in a post-Enron world. The one sure way to make sure that crap can keep happening is to pretend that something has really changed, so it can’t happen again. It can, stay vigilant.