Sankaet Pathak Pursues Ambitious $1 Billion Valuation with New Humanoid Robotics Startup

Sankaet Pathak, the former CEO of fintech startup Synapse, is embarking on a new venture in the field of humanoid robotics. Synapse filed for bankruptcy in 2024 after litigation and other complications with its fintech partner, Evolve Bank & Trust. Today, Pathak is busily trying to raise $100 million for his new company Foundation. This new national initiative has an ambitious $1 billion-plus valuation. It hopes to find an interesting place among the rapidly changing world of the robotics market.

Being a major player in the fintech industry and on the verge to go public though, Synapse faced dire straits that ended with it folding. The resulting collapse led to millions of dollars in consumer deposits disappearing. Now, almost $160 million is stuck and users can’t get their money out. Evolve Bank & Trust was key to Synapse’s downfall. This situation highlighted important and detrimental questions surrounding the deployment, management, and sustainability of fintech partnerships.

Unfazed by his prior disappointments, Pathak has turned his efforts towards Foundation, which has quickly gained attention from investors. Foundation did find success last August when it raised a total of $11 million in pre-seed funding. Tribe Capital and a group of angel investors, among others, have placed a big bet on Pathak’s vision. This support comes despite his controversial exit from Synapse.

Foundation’s ambitious target of a $1 billion valuation reflects Pathak’s commitment to innovation in the robotics sector. The small satellite startup has accelerated its fundraising efforts. It seeks to invent new humanoid robots that will transform industry and life as we know it.

Pathak is taking a big leap, moving from the world of fintech into the world of robotics. He hopes to use his corporate tech savviness and entrepreneurial spirit to help Foundation become the leader in Foundation’s industry. His success in this endeavor will hinge on his ability to overcome legitimate investor skepticism. This skepticism is the result of Synapse’s stormy past.