At Extreme Investor Network, we provide exclusive insights into the world of finance and investment opportunities. In this blog post, we will delve into the fascinating world of Foundation Robotics Labs, a humanoid robotics startup founded by the CEO of bankrupt fintech firm Synapse.
Foundation Robotics Labs has been making waves in Silicon Valley by seeking funds from investors with bold claims of ties to General Motors (GM) and an imminent investment from the automaker. The startup, seeking the last $1 million in funds for an $11 million seed round, has claimed that GM had already committed to an investment, along with Menlo Park-based VC firm Tribe Capital.
According to documents obtained by CNBC, Foundation Robotics Labs is building humanoid robots to take over work that humans do in factories, warehouses, and eventually homes. The investor pitch also stated that GM was set to be Foundation’s first customer, with a targeted $300 million purchase order, and had provided access to its factories to help train its robots.
However, GM and one of the startup’s founders have refuted most of Foundation’s claims related to the automaker. While GM met with Foundation executives a few times, it has not allowed data collection from its factories, has no agreements for robot orders, and is not planning an investment in the startup.
Foundation was started in April by Synapse CEO Sankaet Pathak, Tribe Capital CEO Arjun Sethi, and Mike LeBlanc, co-founder of Cobalt Robotics. The misleading fundraising pitch from Foundation was shared in an email group with about 1,500 startup executives and investors, raising questions about the startup’s credibility.
This development comes on the heels of the bankruptcy of Pathak’s previous company, Synapse, which enabled fintech brands like Mercury and Dave to offer banking services. The fallout from Synapse’s bankruptcy has left over 100,000 Americans with a combined $265 million in deposits locked out of their accounts, with an $85 million shortfall between what partner banks are holding and what depositors are owed.
As experts in finance and investment, Extreme Investor Network will continue to monitor the situation surrounding Foundation Robotics Labs and provide valuable insights for our readers. Stay tuned for more exclusive content and analysis on the latest developments in the world of finance and technology.