Former fintech founder raises $11M to launch next‑gen robotics startup
From Fintech Fallout to Futuristic Furballs: Sankaet Pathak’s New Robotics Dream
When two‑thirds of the fintech world still wonder where their money went, one entrepreneur is taking a bold leap into the realm of advanced humanoid robots.
Sankaet Pathak, the former CEO and founder of the San Francisco‑based fintech Synapse, is now steering a brand new venture called Foundation that promises robots capable of tackling the toughest real‑world challenges.
How the Story Unfolds
At a recent TechCrunch event, Pathak brushed aside the lingering mystery of Synapse’s missing customer deposits—nearly $160 million that slipped into the void—while announcing that his new company has already secured a hefty $11 million in pre‑seed capital.
Key Highlights
- Foundation – a robotics startup that will build high‑performance humanoid machines for complex environments, targeting the global labor‑shortage crisis.
- Funding – $11 million opened by Tribe Capital and a handful of visionary angels. Tribe’s co‑founder and managing director, Arjun Sethi, also backs Foundation.
- Previous Venture – Synapse, which let fintechs embed banking services. It raised over $50 million across multiple rounds, culminating in a $33 million Series B in 2019 led by Andreessen Horowitz.
- Fintech Failure – In 2023, layoffs followed by a Chapter 11 filing left millions of customers without access to their funds. The exact reconciliation of the remaining deposits remains a cliffhanger.
- Pathak’s Response – He publicly called out former partner Evolve Bank, demanding them to settle the shortfall and fill the gap they created.
What We’ve Got
Former Synapse CEO, Pathak, finally set his sights on a new frontier. While the debt and depositor woes linger, he’s expressed confidence that robotics can solve the “human touch” problem that hurts modern economies.
His newest venture isn’t just a bet on tech—it’s a promise that tomorrow’s workforce might just be built of silicon, steel, and a touch of whim.
Hold Tight – The Future is Under Construction
For now, investors and tech enthusiasts alike will be keeping a close eye on this promising laboratory of automated manpower. In the meantime, if you’re curious about the missing money from Synapse, Pathak has opened a line of communication – but who’s going to pick up?
We’ll keep you updated as the tale unfolds.
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Tech and VC heavyweights join the Disrupt 2025 agenda
Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They’re here to deliver the insights that fuel startup growth and sharpen your edge. Don’t miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise.
San Francisco Tech Huddle: Because Silicon Valley Just Can’t Stop Talking
Dates to remember: October 27‑29, 2025 – the weekend when the tech world’s circus comes alive in the city of fog and solder.
TechCrunch Gets Into the Hot Debate with Evolve
- TechCrunch reaches out to Evolve for a quick take.
- Meanwhile, Pathak and Synapse have been busy throwing accusations at each other. Last month, Evolve shot back at Synapse with an eye‑watering retort.
- They’re tossing blame like a dumpster filled with code of errors!
Introducing Foundation – The Startup on a Mission
“We’re on a quest to automate GDP through AI and robotics,” says Pathak on X. “Imagine free-spirited folks doing the stuff they love instead of clocking in at a job.
We’re turning the world into a lab of real‑world foundation models—but the data? The data is as elusive as a perfect cup of coffee in a rainy San Francisco morning. The biggest fleet, the biggest winners. The formula? Software & hardware + a turbocharged infrastructure.
Our near‑term goal: walk a humanoid robot into the world by year‑end, no less.
And guess what? Our model claims to master scene depth, object detection, semantic segmentation, and unseen object pose estimation—like a jack‑of‑all‑jobs with a sharper edge than an autonomous car’s vision.
Humor & Reality: The Humanoid Robot Debate
Not everyone’s buying the promise, especially since Brian Heater from TechCrunch’s hardware gales said, “Buckle up; there are engineering potholes ahead.” Pathak thinks we’re just scratching the surface of the genius that’s needed.
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