Embattled Theranos CEO Elizabeth Holmes is a victim who has been "totally attacked," venture capitalist Tim Draper told CNBC on Tuesday.
Holmes has been under fire since a series of reports by The Wall Street Journal suggested the blood-testing start-up's testing devices were flawed.
"Elizabeth Holmes is a great example of maybe why the women are so frustrated. She is a woman entrepreneur who built a fabulous company, did great things for consumers and she got attacked," the founding partner of Draper Associates and Draper Fisher Jurvetson said in an interview with "Closing Bell."
"This is a great entrepreneur who wants to change health care as we know it."
Theranos was founded by Holmes in 2003 to develop a blood-testing device that would deliver quicker results using only a drop of blood.
While Theranos has disputed The Wall Street Journal's claims, the company failed federal lab inspections and Holmes was banned from owning or operating a medical laboratory for two years.
Walgreens has also severed its partnership with Theranos and earlier this month filed a lawsuit against the company for $40 million for breach of contract. In a statement, Theranos said it would respond vigorously to Walgreen's "unfounded allegations."
In October, the biotech company closed its clinical labs and Wellness Centers and said will focus its undivided attention on its miniLab platform.
Draper, who contributed the first $1 million to Holmes for the start-up, believes the company's technology will happen, whether it is through Theranos or another company.
"People don't want vampires taking gallons of their blood every time they get tested. There is a great opportunity to do a finger-prick blood test, and I think it's fabulous what they've done," he said.
— Reuters contributed to this report.