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Sankaet Pathak, the founder of the now-defunct fintech company Synapse, is making headlines again with a new venture in the robotics industry. Despite the controversy surrounding Synapse, where millions of customer dollars remain unaccounted for, Pathak is pressing forward with a new mission. His latest startup, Foundation, is focused on developing advanced humanoid robots designed to operate in complex environments, addressing the growing labor shortage. Foundation has successfully secured $11 million in pre-seed funding, with Tribe Capital leading the investment alongside contributions from other angel investors.

A Fresh Start with Foundation

Foundation aims to revolutionize the robotics space by creating humanoid robots capable of performing tasks traditionally handled by human labor. This comes at a time when many industries are grappling with labor shortages, making automation a potential solution. Pathak, undeterred by the collapse of his previous venture, is determined to make Foundation a success.

Tribe Capital, a key investor in the robotics startup, has expressed confidence in Pathak’s vision. Arjun Sethi, co-founder and managing director of Tribe, is also a co-founder of Foundation. This strong partnership suggests that the startup has the backing of experienced investors who believe in the potential of robotics to reshape industries.

Synapse’s Troubled Legacy

While Pathak’s new venture is gaining traction, the shadow of Synapse looms large. Synapse was a fintech company that enabled other financial technology firms to embed banking services into their platforms. It raised over $50 million in venture capital, including a notable $33 million Series B round led by Andreessen Horowitz in 2019.

However, Synapse hit turbulent times in 2023. The company laid off employees and eventually filed for Chapter 11 bankruptcy in April. By July, nearly $160 million in deposits remained inaccessible to customers, many of whom had used Synapse through other fintechs. The situation has raised serious questions about the handling of customer funds and the role of Synapse’s former partner, Evolve Bank.

In a public statement, Pathak claimed that Evolve Bank is responsible for the missing funds and urged them to address the deficit. However, Evolve has repeatedly denied these accusations, pointing the finger back at Synapse. The legal and financial entanglements from Synapse’s collapse remain unresolved, casting a shadow over Pathak’s new venture.

Foundation’s Ambitious Vision

Despite the challenges of the past, Pathak is optimistic about Foundation’s future. In a recent social media post, he outlined the startup’s goal to “automate GDP through AI and robotics” to liberate people from labor-intensive jobs and enable them to pursue their passions. He emphasized that success in this space would require not just advanced software and hardware but also the right infrastructure.

Pathak’s vision for Foundation includes deploying a large fleet of humanoid robots that can handle complex tasks, far beyond what current autonomous systems can achieve. He boldly claims that Foundation’s technology already surpasses that of autonomous vehicle perception stacks in areas such as scene depth, object detection, and semantic segmentation.

The startup’s immediate goal is to develop a fully functional walking humanoid robot by the end of the year. If successful, this could mark a significant milestone in robotics and automation, with far-reaching implications for industries facing labor shortages.

The Road Ahead

The journey for Foundation is just beginning, and the stakes are high. While Pathak’s past with Synapse raises questions, his new venture has garnered attention and investment from prominent players in the tech industry. Whether Foundation can deliver on its ambitious promises remains to be seen, but the startup is certainly one to watch in the rapidly evolving robotics landscape.

As Pathak continues to navigate the complexities of his past and the challenges of building a new company, the world will be watching closely to see if Foundation can live up to its lofty goals and redefine the future of work through robotics.

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