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Ex-Synapse CEO reportedly trying to raise $100M for his new humanoid robotics venture
Title: Ex-Synapse CEO reportedly trying to raise $100M for his new humanoid robotics venture
In recent years, horror stories about fintech companies failing have surfaced one after another, taking with them the life's savings of millions of people. One such company was Synapse, an electronic funds transfer agency that managed tens of millions of dollars for small businesses. The company filed for bankruptcy in 2024, leaving its customers hanging in the wind. Now, its former CEO, Sankaet Pathak, is reportedly preparing to launch a new venture, a humanoid robotics company.
According to a recent report from The Information, Pathak is rumored to be raising $100 million for his new venture. The startup, which he is planning, aims to develop robotic devices that closely mimic the behaviors of their human counterparts.
Pathak's fintech company, Synapse, ran into turmoil in 2024 after it filed for bankruptcy. The company had been partnered with Evolve Bank & Trust, the latter of which has also subsequently filed for bankruptcy amid claims of fraud. Allegations have surfaced that during the Synapse bankruptcy, many customers were unable to access their funds.
The lawsuit, filed by customers urging for the return of their deposits, is an ongoing case. It appears that most consumers who deposited money into Synapse's system were customers of other fintech companies that partnered with Synapse.
Despite all these ongoing legal battles, Sankaet Pathak seems ready to enter the tech industry once more. His new venture, reportedly backed up by $100 million, aims to explore the field of robotics. His new inventions are expected to enhance through the use of artificial intelligence, though little else is known about the project at the
Source: AI News & Artificial Intelligence | TechCrunch, Link
#AI #Startups #foundation #In Brief #sankaet pathak #Synapse
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