Ex-Synapse CEO Aims to Raise $100M for Humanoid Robotics Startup
▼ Summary
– Sankaet Pathak’s previous fintech startup, Synapse, filed for bankruptcy in 2024, leaving tens of millions in customer deposits unaccounted for.
– Pathak is now reportedly fundraising $100 million for his new humanoid robotics startup, Foundation, at a $1 billion valuation.
– Foundation debuted its humanoid robot, Phantom, earlier this year and raised $11 million in pre-seed funding in August.
– The startup aims to develop advanced humanoid robots to address labor shortages in complex environments.
– TechCrunch has contacted Pathak for comment on the fundraising efforts and Foundation’s progress.
Former Synapse CEO Sankaet Pathak is pursuing a bold new venture in humanoid robotics, seeking $100 million in funding for his startup Foundation at a staggering $1 billion valuation. This ambitious move comes just months after his previous fintech company collapsed amid financial turmoil, leaving millions in customer deposits unresolved.
Pathak’s latest project, Foundation, entered the spotlight earlier this year with the debut of its humanoid robot, Phantom. The company claims its mission is to develop advanced robotics capable of navigating complex environments, potentially helping to alleviate labor shortages across industries. Despite being in its early stages, Foundation has already secured $11 million in pre-seed funding from Tribe Capital and other angel investors.
The timing of this fundraising push raises eyebrows, given the unresolved fallout from Synapse’s bankruptcy in 2024. The fintech’s collapse, linked to issues with partner Evolve Bank & Trust, left countless customers in limbo with unaccounted funds. Yet Pathak appears undeterred, aggressively courting investors for his new robotics endeavor.
Industry observers question whether Foundation can justify its lofty valuation with such an early-stage product. Humanoid robotics remains a fiercely competitive space, with well-funded players like Tesla and Boston Dynamics already making significant strides. Still, Pathak’s track record in fintech—despite its controversial end—demonstrates his ability to attract capital and build high-profile ventures.
TechCrunch has reached out to Pathak for additional details on Foundation’s progress and funding plans. Whether investors will embrace this new direction remains to be seen, but the startup’s rapid ascent suggests Pathak hasn’t lost his knack for ambitious tech ventures.
(Source: TechCrunch)
