Ex-Synapse CEO Launches New Robotics Venture - $100M Funding

Sankaet Pathak's New Venture Amidst Past Financial Difficulties

Sankaet Pathak’s previous company, the fintech firm Synapse, declared bankruptcy in 2024. This occurred following complications involving its partner, Evolve Bank & Trust.

A significant amount of consumer deposits, totaling tens of millions of dollars, remain unaccounted for. These deposits were primarily held by customers of various fintech companies that collaborated with Synapse.

Fundraising for Foundation Despite Synapse Bankruptcy

Despite these recent setbacks, reports from The Information indicate that Pathak is actively pursuing funding for his latest venture, Foundation. Foundation is a startup focused on the development of humanoid robotics.

It is reported that Pathak is currently seeking $100 million in funding for Foundation, which would value the company at $1 billion.

Early Stage and Ambitious Valuation

This valuation appears notably ambitious given the company’s recent launch. Foundation unveiled its humanoid robot, named Phantom, earlier in the current year.

Prior to this, in August of the previous year, Foundation secured $11 million in a pre-seed funding round. Investors included Tribe Capital and a group of angel investors.

Foundation's Core Objective

Foundation has articulated a mission to develop sophisticated humanoid robots. These robots are intended to function effectively in challenging environments.

The company aims to address the growing labor shortage through the deployment of its advanced robotic technology.

TechCrunch has contacted Sankaet Pathak for a statement regarding these developments.