Archive — US — techcrunch
Ex-Synapse CEO reportedly trying to raise $100M for his new humanoid roboticsventure
Sankaet Pathak, former CEO of Synapse, is attempting to raise $100M for his new humanoid robotics startup, Foundation, despite his prior company's bankruptcy. Foundation aims to develop advanced robots to tackle labor shortages and has recently launched its first robot, Phantom, earlier this year.
Key points
- Sankaet Pathak's last startup, Synapse, filed for bankruptcy in 2024 due to issues with Evolve Bank & Trust.
- Consumer deposits worth tens of millions remain unaccounted for following Synapse's bankruptcy.
- Pathak is currently attempting to raise $100 million for his new venture, Foundation, with a valuation set at $1 billion.
- Foundation debuted its humanoid robot, Phantom, earlier this year, part of a mission to create robots that can operate in complex environments.
- Foundation had previously raised $11 million in pre-seed funding from Tribe Capital and other investors in August.
Why it matters
- The rise of humanoid robotics is a significant trend in the tech industry, paralleling increased investments in automation and AI.
- 2025 is projected to see a continued labor shortage exacerbated by economic changes, making humanoid robots increasingly relevant.
- Pathak's experience reflects broader challenges in the startup ecosystem, especially in emerging tech sectors like fintech and robotics.
Despite past financial troubles, Pathak's new venture in humanoid robotics aligns with growing industry trends and aims to address significant labor issues, highlighting the ambitious nature of tech startups today.