Ex-Synapse CEO Seeks $100M for Humanoid Robotics Startup
Sankaet Pathak, former CEO of the now-bankrupt fintech company Synapse, is reportedly seeking $100 million in funding for his new venture, a humanoid robotics startup called Foundation. This ambitious fundraising round targets a $1 billion valuation for the company.
Synapse filed for bankruptcy in 2024 following issues with partner Evolve Bank & Trust, leaving millions of dollars in customer deposits unaccounted for. Despite this setback, Pathak is moving forward with Foundation.
Foundation debuted its humanoid robot, Phantom, earlier this year. The company's mission is to develop advanced humanoid robots capable of operating in complex environments to address labor shortages.
This latest fundraising attempt follows a pre-seed round in August 2024, where Foundation secured $11 million from Tribe Capital and other angel investors.
The $1 billion valuation sought by Pathak appears ambitious, considering the company's recent launch and the prior financial troubles of his previous venture.
TechCrunch has reached out to Pathak for comment.
