Sankaet Pathak, the former CEO of fintech startup Synapse, is reportedly working to raise $100 million for his new venture, Foundation, a company focused on developing humanoid robots. His prior endeavor, Synapse, encountered significant difficulties last year, filing for bankruptcy in 2024 following complications involving partner Evolve Bank & Trust. The fallout left tens of millions of dollars in consumer deposits unaccounted for—deposits primarily sourced from fintech customers using Synapse-linked services.
Despite these challenges, Pathak appears undeterred. He is actively seeking investors for Foundation at an ambitious $1 billion valuation, according to recent reports. The significant fundraising target comes shortly after Foundation introduced its first humanoid robot, named Phantom, earlier this year. The company raised $11 million from Tribe Capital and various angel investors in a pre-seed funding round last August.
Foundation describes its core mission as building sophisticated humanoid robots capable of operating in demanding environments, with the ultimate aim of addressing labor shortages across multiple industries.
Pathak has not yet responded publicly to any requests for comment.
