Sankaet Pathak, former CEO of bankrupt fintech Synapse, is reportedly seeking $100 million in funding for his new venture, humanoid robotics startup Foundation, according to The Information. Pathak is targeting a $1 billion valuation, despite Foundation’s early-stage status and the controversy surrounding Synapse’s 2024 bankruptcy, which left millions in customer deposits unaccounted for.
Foundation unveiled its first humanoid robot, Phantom, earlier this year, aiming to deploy robots capable of navigating complex environments and addressing global labor shortages. The company previously raised $11 million in pre-seed funding from Tribe Capital and angel investors in August 2023. Pathak’s ambitious fundraising efforts mark a bold pivot into the competitive humanoid robotics sector.
