Sankaet Pathak, former CEO of Synapse, plans to raise $100 million for a new robotics startup. The company, Foundation Robotics Labs, focuses on creating advanced humanoid robots. Their goal is to address labor shortages in complex environments. Foundation Robotics Labs aims for a $1 billion valuation with this fundraising effort.
Background and Significance
Pathak’s shift from fintech to robotics follows Synapse’s 2024 bankruptcy. The bankruptcy left nearly $85 million in customer funds missing. This transition highlights a major change in his entrepreneurial focus.
The humanoid robotics market is rapidly growing. Norwegian startup 1X Technologies raised $100 million in January 2024 for its android NEO. Agility Robotics secured $150 million in October 2024, valuing itself around $1 billion.
This new startup aims to develop robots that perform human tasks in factories and homes. The initiative addresses ongoing labor shortages across industries.
Funding and Progress
Foundation Robotics Labs was co-founded by Sankaet Pathak and Arjun Sethi from Tribe Capital. In August 2024, it raised $11 million in a pre-seed funding round led by Tribe Capital and angels.
The startup introduced its humanoid robot, Phantom, earlier this year. The current $100 million fundraising will support further development and market launch of this technology.
- Previous Funding: $11 million raised in August 2024
- Current Goal: $100 million
- Target Valuation: $1 billion
- Market Comparisons:
- 1X Technologies raised $100 million in January 2024
- Agility Robotics raised $150 million in October 2024
The fundraising aligns with a larger trend of investment in humanoid robotics. Investors see potential in robots to transform labor-heavy sectors.
Synapse’s bankruptcy involved complications with its partner, Evolve Bank & Trust. Pathak’s pivot marks a new chapter focused on robotics innovation.
The startup’s mission is to build robots capable of complex tasks, aiming to ease shortages in industrial and domestic labor.
Foundation Robotics Labs’ progress and fundraising results will be key indicators of the humanoid robotics industry’s future.
Leave a Reply