Founder of failed fintech Synapse says he’s raised $11M for new robotics startup

Aug 23, 2024

Sankaet Pathak raises $11M for new robotics venture Foundation, aiming to create advanced humanoid robots despite previous issues with Synapse.

Founder of failed fintech Synapse says he’s raised $11M for new robotics startup

: Sankaet Pathak, founder of the troubled fintech Synapse, has raised $11 million for his new robotics startup, Foundation. Supported by Tribe Capital and other angels, Foundation aims to address labor shortages with advanced humanoid robots. Synapse had significant financial issues, with $160 million in customer deposits inaccessible. Pathak has accused Synapse's former partner Evolve Bank of creating a deficit, a claim Evolve denies.

Sankaet Pathak, the founder of the failed fintech company Synapse, has announced that he raised $11 million in pre-seed funding for his new startup named Foundation. This new venture, co-founded by Tribe Capital's Arjun Sethi, aims to create advanced humanoid robots capable of operating in complex environments to help address the labor shortage problem.

Foundation has secured backing from Tribe Capital and other angel investors, as confirmed by Pathak. Previously, Synapse had raised over $50 million in its lifespan but faced significant challenges in 2023, leading to layoffs and a Chapter 11 bankruptcy filing in April. Unresolved issues include nearly $160 million in inaccessible customer deposits.

Pathak has attributed the financial problems to Synapse's former partner, Evolve Bank, urging them to resolve the deficit. In contrast, Evolve Bank has denied responsibility, claiming Synapse is to blame. Meanwhile, Pathak is pushing forward with Foundation, aiming to deploy a walking humanoid robot by year-end and aspiring to revolutionize GDP automation through AI and robotics.