Former Synapse CEO Seeks $100M to Launch Groundbreaking Humanoid Robotics Venture

Former Synapse CEO Seeks $100M to Launch Groundbreaking Humanoid Robotics Venture

In the ever-evolving world of technology, Sankaet Pathak is making headlines once again as he pivots from his previous venture, Synapse, to a new endeavor in humanoid robotics. After facing bankruptcy in 2024, Pathak is actively seeking to raise funds for his latest startup, Foundation, which aims to revolutionize the robotics industry.

Pathak’s Previous Venture: Synapse and Its Challenges

In 2024, Synapse, a fintech company founded by Sankaet Pathak, filed for bankruptcy due to complications with its partner, Evolve Bank & Trust. This unexpected turn of events left tens of millions of dollars in consumer deposits unaccounted for, primarily affecting clients from various fintechs that collaborated with Synapse.

Launching Foundation: A Bold New Initiative

Despite the setbacks with Synapse, Pathak is reportedly undeterred. According to a recent report from The Information, he is actively pursuing a fundraising goal of $100 million for his new startup, Foundation, which boasts a staggering $1 billion valuation.

Foundation’s Vision and Recent Developments

Foundation’s mission is to develop advanced humanoid robots capable of operating in complex environments, addressing the pressing issue of the labor shortage. Notably, the startup introduced its first humanoid robot, Phantom, earlier this year, marking a significant milestone in its journey.

  • Foundation raised $11 million in a pre-seed funding round in August from Tribe Capital and other angel investors.
  • The company aims to tackle labor shortages through innovative robotic solutions.

Conclusion: The Future of Humanoid Robotics

As Sankaet Pathak embarks on this ambitious journey with Foundation, the tech community eagerly awaits further developments. TechCrunch has reached out to Pathak for comments on this new venture, and updates will be provided as they become available. Keep an eye on the evolving landscape of humanoid robotics and its potential to reshape industries.

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