WionDrive News Desk 
A humanoid robotics startup called Foundation Robotics Labs, cofounded by Sankaet Pathak (CEO of the bankrupt fintech Synapse), has been seeking investments in Silicon Valley. Their pitch included claims of close ties and an imminent investment from General Motors (GM), along with a potential USD 300 million purchase order and access to GM factories for robot training.
However, GM has refuted these claims. The automaker stated they have no investment plans, no agreements with Foundation, and haven’t allowed data collection in their factories. Mike LeBlanc, a cofounder of Foundation, confirmed GM’s statements and expressed embarrassment over the exaggerated marketing materials.
Foundation, started in April by Pathak, Arjun Sethi (CEO of Tribe Capital), and LeBlanc, is aiming to raise USD 11 million in seed funding. Their goal is to create humanoid robots for work in factories, warehouses, and eventually homes.
This fundraising effort comes amid increased corporate interest in automation, with McKinsey predicting that 25 per cent of industrial companies’ capital spending in coming years will be on automated systems.
The situation has drawn attention due to Pathak’s involvement with Synapse, which recently went bankrupt. Synapse’s failure has left over 100,000 Americans unable to access USD 265 million in deposits for over a month. Additionally, there’s USD 85 million discrepancy between what Synapse’s partner banks hold and what depositors are owed.
Pathak’s quick move to a new venture while Synapse’s issues remain unresolved has raised concerns in the startup community. The misleading fundraising pitch for Foundation was shared with about 1,500 startup executives and investors this month.
