Sankaet Pathak’s last venture, the fintech company Synapse, faced bankruptcy in 2024 due to complications with its partner, Evolve Bank & Trust. This has left tens of millions of dollars in deposits from consumers—primarily clients of various fintechs that collaborated with Synapse—unaccounted for.
However, as reported by The Information, Pathak is forging ahead with his new venture, a humanoid robotics startup called Foundation. He is reportedly working on raising $100 million for Foundation, aiming for a hefty $1 billion valuation.
These ambitions may appear bold, especially since the startup only launched its humanoid robot, Phantom, earlier this year. Just last August, Foundation secured $11 million in a pre-seed funding round backed by Tribe Capital and several angel investors.
The mission of Foundation is to “create advanced humanoid robots that can operate in complex environments” in order to help tackle the ongoing labor shortage.
