Ex-Synapse CEO Reportedly Pursuing $100M for New Humanoid Robotics Venture

Sankaet Pathak’s earlier startup, the fintech firm Synapse, declared bankruptcy in 2024 following issues with its partner, Evolve Bank & Trust. A significant amount of consumer deposits, mostly from fintech companies linked to Synapse, remain unaccounted for.

Nevertheless, according to The Information, Pathak is actively seeking investments for his new initiative, a humanoid robotics enterprise called Foundation. He is reportedly trying to raise $100 million for Foundation, which boasts an impressive valuation of $1 billion.

These forecasts appear quite ambitious, considering the startup launched its humanoid robot, Phantom, only earlier this year. In August, Foundation secured $11 million in a pre-seed funding round led by Tribe Capital alongside various angel investors.

Foundation’s mission is to “create advanced humanoid robots capable of operating in complex environments” to address the persistent labor shortage.

TechCrunch has reached out to Pathak for additional comments.