I think you’re confusing innovation with technological innovation. There’s plenty of ways to innovate without advancing technology. There’s also plenty of fields of research unrelated to technology.

Even if you were only concerned with technological innovation, referencing well funded non-technical companies doesn’t negate the existence of any of the well funded technology-focused companies.

Also, Theranos is a perfect example of private equity funding technological research. The fact that it was a scam doesn’t take away from the interest it’s investors had in new technology.