Sankaet Pathak, the founder of Synapse, a fintech startup, is trying to raise $100 million. His new company, Foundation, is all about building humanoid robotics. This new venture comes on the heels of Synapse’s chapter 11 reorganization filing in April 2024. It left tens of millions of dollars in consumer deposits unrefunded. The vast majority of these deposits were customers of different fintechs that had a partnership with Synapse.
Like so many CDFI programs, Synapse ran into serious problems with its partner, Evolve Bank & Trust. Consequently, it could not keep its head above water financially and later went bankrupt. This forced Chapter 11 bankruptcy caused troubling uncertainty for clients and investors. They were particularly concerned about the unknown deposits that had been placed in Synapse’s custody. The limbo status of these funds has put a large cloud over Pathak’s reputation for the financial world.
Even against this extremely stormy environment, Sankaet Pathak is pursuing this with Foundation, and shooting for a $1 billion valuation on his Series C. The startup is doing groundbreaking work on humanoid robotics technology that many think could one day completely transform industries — and productivity. In August, Foundation raised a whopping $11 million in a pre-seed funding round. Tribe Capital and a number of angel investors were instrumental in this successful pursuit.
Pathak’s tactical move away from the fintech space and into robotics marks a very intentional turning point on his journey as an entrepreneur. He wants to use his experience as a tech industry innovator and disruptor to position Foundation as a winning competitor in the world of humanoid robotics. Pathak’s ambitious funding goal of $100 million shows his commitment to scaling the company and accelerating its growth.
Also deeply controversial, the Foundation’s focus on humanoid robotics tracks with rising interest in and investment on automation and artificial intelligence. As more and more industries adopt robotics technologies into their workstreams, the future for more sophisticated humanoid systems seems promising. Pathak’s vision for Foundation includes not only innovation in technology but addressing practical applications that can benefit various sectors.