Let us not disregard the intelligence value the NSA or another other government entity gathers by doing a low resolution DNA sequencing all of the blood that goes through these machines for future reference. This covert use wouldn't be outside the bounds of proper skepticism with the involvement of ex-DoD members on the board.
Without proper auditing and disclosure of development processes and the new implementation of the diagnostic tests on chips (rather than disposable test media) it raises the question of how can anyone be sure exactly what and what not the machines are testing and recording? Slot machines in Las Vegas have their code more closely audited and monitored than this technology.
This situation just yells out for government regulation, peer review and reverse engineering.
Let me get this straight: because you're afraid that the NSA gets the hand on their data you want government regulation?
That's both the government.
When you're giving blood to some entity and you want to safeguard what happens to the result regulation won't get that for you, but independent oversight, sample anonimization at the source (insofar as this is possible with a blood sample, your DNA is your identity), decentralization of test locations (preferably as close to the source as possible), proven sample destruction and no keeping of data post sample destruction would be the way to go. Government oversight pretty much guarantees government access, the opposite of what you wish to achieve.
It will be very hard to create a service like this without a loophole that can be used to sneak such data out.
The best way in which this could be done is by having the tests made so foolproof that they can be done directly in the hospitals without centralized laboratories.
As for the board, you could say something similar about DropBox but I don't see them giving three letter agencies access to your account either without proper process and a court order.
Anything less could sink the company and given the amounts of money at stake here you can bet their competitors would love to do just that.
And who is to say that their competitors are not already acting in a similar manner anyway, they are after all processing about 100x more volume today.
Microsoft, Google, Apple are all NSA PRISM program participants! And nothing happened to them. Why should that be different with Dropbox? And isn't Dropbox using Amazon to store its data. It would probably be sufficient, if Amazon participates.
This company being a front for something defense-related makes more sense than naive investors throwing money at an idea with nothing to back it up for more than 10 years.
Without proper auditing and disclosure of development processes and the new implementation of the diagnostic tests on chips (rather than disposable test media) it raises the question of how can anyone be sure exactly what and what not the machines are testing and recording? Slot machines in Las Vegas have their code more closely audited and monitored than this technology.
This situation just yells out for government regulation, peer review and reverse engineering.