Ex-Synapse CEO reportedly trying to raise $100M for his new humanoid robotics venture

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Sankaet Pathak’s last startup, fintech Synapse, filed for bankruptcy in 2024 amid issues with partner Evolve Bank & Trust. Tens of millions of dollars in deposits made by consumers, mostly customers of fintechs that worked with Synapse, remain unaccounted for.

Yet according to The Information, Pathak is reportedly moving full steam ahead on attempts to fundraise for his new venture, humanoid robotics startup Foundation. Pathak is said to be in the midst of raising $100 million for Foundation at a whopping $1 billion valuation.

The numbers seem particularly ambitious considering the startup only debuted its humanoid robot, Phantom, earlier this year. Foundation only last August raised $11 million in a pre-seed funding round from Tribe Capital and “other angels.”

Foundation’s self-proclaimed mission is to “create advanced humanoid robots that can operate in complex environments” to address the labor shortage.

TechCrunch has reached out to Pathak for comment.