From CNBC: 2024-06-12 18:04:58

A humanoid robotics startup, Foundation Robotics Labs, claims ties and imminent investment from General Motors while seeking the last $1 million in funds for an $11 million seed round. GM denies commitments, including orders for robots, investment, and access to factories for data collection. Claims deemed exaggerated or fabricated.

Foundation was started in April by Synapse CEO Sankaet Pathak, Tribe Capital CEO Arjun Sethi, and Cobalt Robotics cofounder Mike LeBlanc. The startup is raising funds at a time when American corporations are looking to automate more labor. A misleading fundraising pitch highlighting false claims about GM has sparked controversy in the startup community.

The robotics startup, Foundation, led by Pathak, grabs attention after the collapse of his other company Synapse, causing a $265 million deposit shortfall and leaving over 100,000 Americans locked out of their accounts. The missing $85 million from partner banks continues to be a mystery, heightening concerns among founders and investors in the startup community.

Read more: Robotics startup cofounded by Synapse CEO raises funds with exaggerated GM claims